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The ASEAN alliance has officially released a roadmap to reduce reliance on the US dollar and use local currencies for cross-border transactions between 2026 to 2030. During the recently held 46th summit in Kuala Lumpur, the alliance signed off with a multipolar structure to adhere to until the end of this decade. ASEAN: Roadmap to Uproot the US Dollar Begins From 2026 to 2030 Source: Beawiharta Beawiharta / Reuters / cfr.org ASEAN will not immediately end US dollar dependency but will begin to slowly cut ties from 2026 to 2030. The bloc has embedded this goal in the recently published policy titled ‘Economic Community Strategic Plan 2026–2030‘ . It aims to minimize investments in the US dollar and maximize local currency usage for all deals hereon. Also Read: De-Dollarization: 40% of Foreign Transactions Now in the Chinese Yuan Therefore, from 2026, the local currencies of ASEAN countries could challenge the US dollar in the forex markets. The development could lead to a shi...

The global payment mechanism is experiencing a paradigm shift, as BRICS member China is seizing the opportunity of Trump’s tariffs by pushing the Chinese yuan as an alternative currency to the US dollar. Trade settlements in the Chinese yuan are on the rise as the world is looking to cut ties with the greenback. The trade wars kick-started by Trump are making emerging economies reconsider their ties with the US. “This is an opportunity that we must seize,” said Yang Changjiang, a Chinese finance professor at Fudan University. Also Read: BRICS: China Officially Launches Plan to Promote Its Own Payment System BRICS: Chinese Yuan Payments Touched 24% in 2025, A Big Leap From Last Year Source: Reuters / Getty Images A recent survey published by the Renmin University’s International Monetary Institute sheds light that bigger enterprises are now considering settling payments in Chinese yuan and lessening the US dollar transactions. Renmin University’s findings show that the...

The de-dollarization initiative is no longer confined to BRICS as other emerging economies are participating in the discussions at the 2024 summit. The outreach session will be conducted on the last day of the summit on October 24, 2024. Topics such as de-dollarization, new trade policies, and the usage of local currencies will take center stage. The nine-member alliance will meet for the first time at the table for discussions after the expansion last year. Also Read: Russia Discusses BRICS Currency Before 2024 Summit Russian President Vladimir Putin confirmed that officials from 40 countries will attend the outreach session at the BRICS 2024 summit. The participants include countries from the Commonwealth of Independent States (CIS), Asia, Africa, Eastern Europe, South America, and the Middle East. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. “On the last day of the summit, there will be a meeting in the BRICS Plus/Outreach...

BRICS is brewing trouble for the US dollar reserves from all corners after the White House pressed sanctions on Russia in 2022. The alliance has been accumulating gold for two years and diversifying its central bank reserves with the precious metal. In the last 18 months, central banks of developing countries have combinedly brought 800 tonnes of gold. China has purchased a massive 225 tonnes of gold in the last 15 months alone. Also Read: BRICS Prepare to Induct 10 New Countries After 2024 Summit Russia, China, and India are among the top buyers of gold and are driving the prices of the precious metal. “On a year-to-date basis, central banks have bought an astonishing net 800 tonnes, 14% higher than the same period last year,” reported the World Gold Council. This is leading to a fall in the US dollar reserves as BRICS is replacing it with gold in their central banks. Also Read: BRICS: 40 Countries Want To Ditch the US Dollar BRICS: US Dollar-Denominated Central Bank Reserves Fall to...