DE-DOLLARIZATION IN FULL SWING! China Unloads US Debt, Yuan Surges, Saudi Buys Gold! |AsianQuickTake

Welcome to Asian QuickTake, your ultimate source for comprehensive analysis of global affairs, international relations, and technology. I’m Jacob, your host, and in today’s video, we explore the escalating global trend of de-dollarization and its impact on the international financial landscape. Currently, countries worldwide, notably China and others, are actively accelerating de-dollarization efforts in key areas like local currency settlements, oil pricing, and divestment from US debt. The abuse of the US dollar’s currency status and the Federal Reserve’s monetary policies are driving this trend, pushing countries to seek alternatives to the dollar. On July 29th, Bolivia’s Economy Minister announced their efforts to reduce reliance on the US dollar and conduct trade settlements using the Chinese yuan. Major Latin American economies, such as Brazil and Argentina, have been leading the way in using the yuan for trade, shaking the dollar’s special status in Latin America. According to Japan Economic News on July 25th, the yuan’s share in China’s bilateral settlements has officially surpassed the US dollar for the first time, reaching 49%. While the global use of the yuan is still around 3% compared to the dollar, China’s progress in de-dollarization is evident. The Reserve Bank of India recently announced that several Indian refineries have started purchasing Russian crude oil using the yuan, excluding the US dollar. The importance of the yuan in global oil settlements and the international financial system is growing. In March of this year, China and France conducted the first liquefied natural gas trade settled in yuan, weakening the dollar’s dominance in energy trading. This milestone trade involved natural gas from the UAE and marked China, France, and the UAE’s first yuan-denominated settlement order in the energy sector. Financial restrictions imposed by the US on oil-producing countries have accelerated de-dollarization. Iran, Pakistan, Bangladesh, Sri Lanka, and India plan to achieve de-dollarization through the Asian Payments Network, using yuan and other currencies as reserve currencies to replace the dollar’s position. Iran has issued a gold-backed digital reserve currency, facilitating gold acquisition and bypassing the US financial monitoring system. Middle Eastern countries, including Saudi Arabia and the UAE, are increasingly considering non-dollar settlements for certain buyers and establishing Gulf region offshore centers for digital yuan. A survey by Schroders shows that about 70% of surveyed sovereign investors and 57 global central banks plan to repatriate their gold assets held in overseas vaults to ensure their true security. Malaysia has proposed a pan-Asian gold-backed currency to replace the dollar for interregional trade within Southeast Asia, as gold is considered more stable. The global BRICS nations plan to launch a gold-backed unified currency in August this year, involving 41 countries representing over 60% of the world’s population and one-third of global GDP. As the Petrodollar Agreement weakens, Middle Eastern oil-producing countries are shifting towards the Chinese market and adopting the yuan for transactions. Saudi Arabia is increasing investments in yuan assets and planning to establish a gold-backed digital currency cross-border settlement system. In the backdrop of global de-dollarization, the Federal Reserve faces challenges in maintaining the dollar’s credit and currency status. US Treasury Secretary Janet Yellen warns that the ongoing US debt ceiling crisis severely damages the dollar’s global reserve currency status. 💯TOP 3 Video Swiss Sells $36.4 billion U.S. Treasuries ▶ Africa Rejects US’ Blank Check ▶ China to Accelerate Dumping of Up to $800bn U.S. Debt ▶ ━━━━━━━━━━━━━━━━━━━━━ ✅ COPYRIGHT DISCLAIMER Asian Quicktake Doesn’t Fully Own Some of the Materials Compiled in Its Videos. It Belongs to People or Organizations Who Ought to Be Respected. If Used, It Falls Under the Following Provisions: Copyright Disclaimer Section 107 of the Copyright Act 1976. “Fair Use“ is Allowed for Purposes Such As Criticism, Comment, News Reporting, Teaching, Scholarships, and Research. ━━━━━━━━━━━━━━━━━━━━━ ✅ If You Are the Owner of the Materials Used in This Video, Let us Know in the Comments or Send a Email to me. We Will Follow Your Request Immediately. ━━━━━━━━━━━━━━━━━━━━━ ✅ FINANCIAL DISCLAIMER This Channel’s Content Should Not Be Interpreted or Construed As Financial Advice. We Are Not, and Do Not Claim to Be, an Attorney, Accountant, or Financial Advisor. This Channel’s Content is Not a Substitute for Financial Advice and is Solely for Entertainment Purposes.