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China is aggressively advocating for the Chinese yuan to replace the US dollar in trade between BRICS member countries and their global partners. Under the China’s Central Bank dumped the US dollar in the currency market for three consecutive days in December this month. The Chinese state-run banks sold US dollars in the spot foreign China, a member of BRICS, is once more selling its US dollars in worldwide currency markets to shield the Chinese Yuan. This week, China's state-controlled banks Read here to know how BRICS member China sold US dollars for three days straight last year. However, BRICS countries have denied allegations of market intervention citing their Central China’s Central Bank dumped the US dollar in the currency market for three consecutive days in December this month. The Chinese state-run banks sold US dollars in the BRICS member China is yet again dumping US dollars in the global currency markets to protect the Chinese Yuan. The Chinese state-run banks offloaded US dollars in the BRICS member China dumped a record number of US treasuries and agency debt bonds worth a staggering $53.3 billion. Historically, this is the largest sell-off initiated by China ever recorded

BRICS China Aggressively Dumps US Dollars: 3 Days Straight of Yuan Support

The BRICS alliance, particularly China, is increasingly challenging the US dollar's global dominance. Is this a sign of a major shift in the world's financial landscape? Recent reports suggest a strategic move by China to bolster its own currency.

China's Dollar Dump: What's Happening?

Several sources indicate that BRICS member China is yet again dumping US dollars in the global currency markets to protect the Chinese Yuan. The Chinese state-run banks offloaded US dollars in the spot foreign exchange market. Specifically, China’s Central Bank dumped the US dollar in the currency market for three consecutive days in December this month. The Chinese state-run banks sold US dollars in the spot foreign exchange market.

This isn't an isolated incident. China is aggressively advocating for the Chinese yuan to replace the US dollar in trade between BRICS member countries and their global partners. Under the China’s Central Bank dumped the US dollar in the currency market for three consecutive days in December this month. The Chinese state-run banks sold US dollars in the spot foreign exchange market.

Why is China Selling US Dollars?

China, a member of BRICS, is once more selling its US dollars in worldwide currency markets to shield the Chinese Yuan. This week, China's state-controlled banks... are believed to be intervening to stabilize the Yuan amidst economic pressures and fluctuating global markets. This strategy aims to maintain the Yuan's value and potentially foster its wider adoption in international trade.

Record Sell-Off of US Treasuries

The move to reduce reliance on the US dollar extends beyond currency market interventions. BRICS member China dumped a record number of US treasuries and agency debt bonds worth a staggering $53.3 billion. Historically, this is the largest sell-off initiated by China ever recorded.

BRICS and the Dollar: A Shifting Landscape?

The actions of China within the BRICS context are fueling discussions about de-dollarization and the potential for a multipolar currency system. While BRICS countries have denied allegations of market intervention citing their Central... bank policies, the ongoing reduction of US dollar holdings and promotion of alternative currencies like the Yuan suggest a long-term strategy.

China's Strategy: Three Days of Action, Long-Term Goals

Read here to know how BRICS member China sold US dollars for three days straight last year. The consistent selling of US dollars, coupled with the push for Yuan-denominated trade, indicates a deliberate and sustained effort to lessen dependence on the US currency and strengthen China's economic influence within the BRICS nations and beyond.

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