Is the global economy slowly moving away from the dominance of the United States Dollar? The ongoing tensions involving Iran, the United States, and other geopolitical shifts are accelerating discussions around de-dollarisation in global energy trade.

Countries are increasingly settling oil transactions in alternative currencies such as the Chinese Yuan, Russian Ruble, and Indian Rupee. This shift could reshape how global commodities are priced and traded.


US-Iran War: Is The World Moving Away From The Dollar?

The People's Bank of China has reported a significant increase in the use of the yuan for cross-border trade, with payments and receipts rising by 21.1 per cent year on year in the first eight months of 2024.

Chinese yuan use rises 21.1% in cross-border trade as Beijing seeks global currency status

Argentina's economic crisis and South American nation's continued reliance on the US dollar has resulted into an opportunity for Chinese Yuan that Bejing didn't see coming.

Argentina chooses Chinese Yuan over US dollar amid economic crisis

India has asked banks and traders to avoid using Chinese yuan to pay for Russian imports, three government officials involved in policy making and two banking sources said, because of long-running political differences with its neighbour.

India to discourage foreign trade settlement in Chinese yuan, say sources

News agency Reuters on Thursday (September 29) reported that China is stepping up efforts to stem the yuan's descent. Citing four sources with knowledge of the matter, it reported that China's central bank has asked major state-owned banks to be prepared to sell dollars for the local unit in offshore markets.

China stepping up efforts to stem the yuan's descent: Report

China wants to be the financial superpower and it is leaving no stone unturned in its quest to replace the U.S. Dollar with the Yuan as the global currency. Where does India stand in this race? On Gravitas Plus, Palki Sharma has the details.

Gravitas Plus: Does the Yuan pose a threat to the U.S. Dollar?

China's offshore yuan surged past 7 per dollar to four-month highs on Tuesday, benefiting from signs Beijing and Washington are approaching a trade deal and also from the Chinese central bank's decision to trim lending rates by only 5 basis points.

Chinese yuan surges to three-month high on trade optimism, 'tiny' rate cut

China's central bank said on early Tuesday it will sell yuan-denominated bills in Hong Kong in late June, in a move that some market analysts believed was aimed at stemming a sharp decline in the yuan currency.

China central bank to issue bills in Hong Kong to stabilise weakening yuan

Most other emerging Asian currencies apart from Indian rupee have slipped as the dollar edged higher after top Republicans said they expected the US Congress to pass a tax code overhaul this week

Rupee pares losses on Gujarat vote result; other Asian currencies slip

Global stock markets have surged this year, largely led by expectations of a US tax overhaul

Asian shares rise on US tax cut hopes; China in focus

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