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  "Will this have an impact on ASEAN members?" The global campaign aimed at reducing the dominance of the U.S. dollar in international trade and investments continues to attract more countries. Indonesia has recently joined this movement, as confirmed by Indonesia's central bank.  The nation has established a National Task Force with the objective of expanding the use of its local currency in transactions with partner countries. According to Perry Warjiyo, the Governor of Bank Indonesia, "Bank Indonesia is confident that the National LCT Task Force will serve as an effective coordination platform to enhance policy alignment among government ministries and agencies, with the goal of increasing the utilization of local currencies in bilateral transactions between Indonesia and its major trading partners." This initiative is expected to contribute to the stability of the rupiah and strengthen the resilience of the domestic financial markets, as highlighted by

  Chinese Communist President, Xi Jinping  At the beginning of his unprecedented third term, Xi Jinping appointed a cadre of loyalists to China's top leadership, presumably to facilitate the realization of his ambitious vision for the country. However, less than a year later, turbulence has engulfed Xi's carefully chosen ruling elite, casting doubts on his judgment and eroding international confidence in his governance. This unrest comes at a critical juncture for China, facing significant economic challenges domestically and heightened competition with the United States on the global stage. Chinese Defense Minister Li Shangfu  In a matter of months, two high-ranking members of China's cabinet, responsible for engaging with the world, have vanished. Defense Minister Li Shangfu has not appeared in public for three weeks, fueling speculation of a possible investigation. Earlier, Foreign Minister Qin Gang was abruptly removed after a month-long absence from public view. Thei

JPMorgan Warns of De-dollarization Risk: Loss of Key Crisis-Fighting Tool for the US JPMorgan Warns of De-dollarization Risk: US May Lose Vital Crisis-Fighting Tool JPMorgan's strategists, led by Marko Kolanovic, caution that the primary de-dollarization risk isn't a rival currency but centers on inflation and mounting debt for Western economies. They emphasize that emerging powers won't suddenly abandon the dollar but highlight potential vulnerabilities tied to inflation, debt, and energy prices. The history of USD supremacy relied on factors like imported deflation, trade dynamics, and energy independence. However, as global economies decouple and energy costs rise, the effectiveness of crisis measures that central banks used in the past may be compromised, leading to inflation and debt issues in the West. Fitch's recent downgrade of the US credit rating underscores this risk. Environmental imbalances, like outsourcing carbon-intensive industries, have made the West

BRICS+6 Expansion Empact! The Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates. According to an analysis, the proposed addition of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as new members to the existing BRICS group (Brazil, Russia, India, China, and South Africa) will increase the BRICS' global GDP share from 26% to 30%, and their population share to 46%. This expansion was announced during the last BRICS summit in Johannesburg and will be effective from January 1, 2024. As a result of this expansion, China's share of the BRICS' GDP will decrease from 70% to 62%, India's from 13% to 12%, South Africa's will decrease by 50% to 1%, and Russia's share will decrease by 7%. Brazil's stake will remain unchanged. Saudi Arabia will have the largest economy among the new members, contributing 4% of th

Will Chinese Yuan Replacing the US Dollars as the Main Currency ? Chinese Yuan and US Dollars who will be the main 💱 Currency the next years. WHY DOLLAR IS A MAIN CURRENCY?  The U.S dollar was officially crowned the world's reserve currency and was backed by the world's largest gold reserves thanks to the Bretton Woods Agreement. Instead of gold reserves, other countries accumulated reserves of U.S. dollars. Certainly, here's a more detailed description of why the U.S. dollar is considered a main currency in the global economy: The United States Dollar, denoted as USD or symbolized by "$," holds a central and predominant position in the global financial system. This status can be attributed to a complex interplay of historical, economic, and geopolitical factors that have solidified its position as the world's primary reserve currency.   Historical Legacy : The U.S. dollar's ascent to prominence began after World War II with the Bretton Woods Agreement.

Dollar's global dominance likely to persist despite BRICS expansion. At a recent summit in Johannesburg, the  BRICS leaders extended invitations to Iran, Argentina, Saudi Arabia, the United Arab Emirates (UAE), Ethiopia, and Egypt to join the group. During a summit held in Johannesburg, the leaders of the BRICS nations, which include Brazil, Russia, India, China, and South Africa, took a significant step by inviting several other countries to join their group. These new invitees include Iran and Argentina, along with Saudi Arabia, the United Arab Emirates (UAE), Ethiopia, and Egypt. This expansion reflects the growing influence and collaboration among these nations on the global stage. According to a note from BNY Mellon, the dollar's position as the global reserve currency is expected to remain secure for the foreseeable future, despite the expanding influence of the BRICS group of developing nations posing a challenge to the dollar's dominance in the world economy. Addit