In a new step towards abandoning the US dollar, Brazil and China announced last week that they had agreed to use their local currencies in trading with each other, instead of using the US dollar.
China and Brazil are mentioned site "BBC"The agreement came during a high-level Chinese-Brazilian business forum held on Wednesday in Beijing, and is a new step added to a series of previous agreements towards dealing in local currencies instead of the US currency, while China continues to include more countries in the circle of countries dealing in yuan and local currencies in foreign trade. .
The BBC says that the two parties to the agreement play important roles in shaping the global market, as China has the second strongest economy in the world after the United States, while Brazil is the largest economy in Latin America, and this agreement is the first of its kind that China concludes with an American country. Latin, especially since Beijing is Brazil’s largest trading partner, with the value of trade exchange between them amounting to about $150 billion last year.
India and Malaysia For its part, the Indian Ministry of Foreign Affairs announced that India and Malaysia will use the Indian rupee in commercial dealings between the two countries, after allowing the Reserve Bank of India to settle international trade in the national currency.
And the Indian Foreign Ministry says – in a statement – "Trade between India and Malaysia can now be settled in Indian rupees, in addition to existing exchanges based on other currencies".
Japan .. the fiercest blow from its side, revealed the newspaper"Wall Street Journal" The United States, on Sunday, reported that Japan, one of the closest allies to the United States, is buying Russian oil above the price ceiling decided by the Group of Seven and the European Union, in a departure from the agreement approved within the group, to punish Russia after its invasion of Ukraine.
The newspaper added that Japan managed to persuade the United States to grant it an exemption from the ban on imports of Russian oil, due to its need to access Russian energy products.
The US dollar is the currency adopted in most global trade movements since World War II, which gives the US economy an advantage, because it prints banknotes used in international trade, according to analysts, which constitutes a benefit and advantage for the United States at the expense of local currencies in the countries of the world, which It is forced to buy dollars to pay its foreign trade. Analysts believe that there is no danger to the dollar at present, because the green currency is still rooted in transactions between many countries in the world, and it enters into many economic joints, but what is happening is a beginning that may include other countries. At that time, this will cause concern for the dollar, especially if the BRICS countries agree to such bilateral agreements regarding intra-trade.
