News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
26
o
Bekaa
18
o
Keserwan
27
o
Metn
27
o
Mount Lebanon
21
o
North
26
o
South
23
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Marhaba Dawle
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
26
o
Bekaa
18
o
Keserwan
27
o
Metn
27
o
Mount Lebanon
21
o
North
26
o
South
23
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Series
Movies
Documentaries
Variety
Comedy
Talk Show
News Bulletin
Sports
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Redefining monetary landscapes: Global agreements seek alternatives to the dollar
News Bulletin Reports
07-06-2023 | 08:22
High views
Share
Share
4
min
Redefining monetary landscapes: Global agreements seek alternatives to the dollar
A wave of agreements is spreading worldwide in recent times, aiming to avoid dealing in dollars:
The BRICS countries (Russia, China, Brazil, India, and South Africa) seek to issue a new shared currency.
The Association of Southeast Asian Nations (ASEAN) member states (Indonesia, Malaysia, Philippines, Singapore, Thailand) have agreed to enhance the use of their national currencies among themselves.
Brazil and China have struck a deal for mutual trade using their local currencies.
South Korea and Indonesia have made similar moves.
An agreement to increase the use of the Indian rupee in trade between India and Malaysia.
Pakistan aims to pay for Russian oil in Chinese Yuan.
Preliminary discussions between the United Arab Emirates and India to use the rupee in non-oil trade.
China imports liquefied natural gas from the UAE using the Chinese Yuan.
What is the driving force behind these rapid movements?
While China, the world's second-largest economy, plays a significant role in the war against the dollar to elevate the Yuan's position in the global financial system, there are agreements in which Beijing is not involved.
The primary motivation behind this trend is to counter the United States weaponization of the dollar by using it in their foreign policies and punishing their opponents with sanctions and for example, imposing US sanctions on Moscow, freezing hundreds of billions of its reserves, and excluding it from the global banking system. Similar sanctions have targeted Iran, Syria, Venezuela, and Libya.
Is the dominance of the dollar at risk?
A significant part of the war on the dollar is indeed led by China, the world's second-largest economy, pursuing a more substantial role for the Yuan in the global financial system. However, there are agreements in which Beijing is not involved.
The primary motivation behind this trend is the United States arming the dollar by using it in shaping its foreign policies and punishing its opponents with sanctions.
An example of this is the imposition of US sanctions on Moscow, freezing hundreds of billions of its reserves and excluding it from the global banking system. Similar sanctions have targeted Iran, Syria, Venezuela, and Libya over the years.
Is the dominance of the dollar at risk?
The US Treasury Secretary acknowledges the impact of sanctions on dollar transactions, stating, "There are risks when we use financial sanctions tied to the role of the dollar, which over time could undermine the dollar's dominance."
However, the United States still relies on the following factor: The dollar is used as a global currency for reasons that other countries find it challenging to find an alternative with the same characteristics, particularly in terms of legality, transparency, and liquidity.
In numbers:
- Approximately 88% of all global foreign exchange transactions are conducted in dollars.
- The dollar constitutes 60% of foreign banks' reserves worldwide, despite this figure declining from 73% in 2001.
News Bulletin Reports
US
Dollar
World
China
Economy
Next
Details emerge: Israel strikes building in Beirut's southern suburbs, marking second attack in days
Recommended For You
d-none hideMe
0
News Bulletin Reports
13:06
Expat seats in limbo as Lebanon heads toward 2026 elections
News Bulletin Reports
13:06
Expat seats in limbo as Lebanon heads toward 2026 elections
0
News Bulletin Reports
13:02
Israel pushes deeper into Gaza with new military plan, eyes hostage deal
News Bulletin Reports
13:02
Israel pushes deeper into Gaza with new military plan, eyes hostage deal
0
News Bulletin Reports
12:54
As clock ticks, Lebanon faces pressure over UNIFIL and Hezbollah's weapons — the details
News Bulletin Reports
12:54
As clock ticks, Lebanon faces pressure over UNIFIL and Hezbollah's weapons — the details
0
News Bulletin Reports
2025-07-02
Israeli profiles surface on Lebanese dating apps — real risk or random match?
News Bulletin Reports
2025-07-02
Israeli profiles surface on Lebanese dating apps — real risk or random match?
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
News Bulletin Reports
12:54
As clock ticks, Lebanon faces pressure over UNIFIL and Hezbollah's weapons — the details
News Bulletin Reports
12:54
As clock ticks, Lebanon faces pressure over UNIFIL and Hezbollah's weapons — the details
0
News Bulletin Reports
2025-04-08
Time is running out: Lebanon faces IMF deadline to approve financial reform laws
News Bulletin Reports
2025-04-08
Time is running out: Lebanon faces IMF deadline to approve financial reform laws
0
Lebanon News
11:44
Israeli airstrike on vehicle in Khalde kills one, wounds three: Health Ministry
Lebanon News
11:44
Israeli airstrike on vehicle in Khalde kills one, wounds three: Health Ministry
0
Lebanon News
2025-07-02
Casino du Liban director Roland Khoury detained in BetArabia investigation: Sources to LBCI
Lebanon News
2025-07-02
Casino du Liban director Roland Khoury detained in BetArabia investigation: Sources to LBCI
Videos
d-none hideMe
0
Lebanon News
2025-07-01
Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district
Lebanon News
2025-07-01
Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district
0
Lebanon News
2025-06-10
Clash between Lebanese Army and residents of Deir Qanoun Al Nahr results in injuries (Video)
Lebanon News
2025-06-10
Clash between Lebanese Army and residents of Deir Qanoun Al Nahr results in injuries (Video)
0
Lebanon News
2025-06-04
Mexico dedicates garden around Lebanese Emigrant Statue in Beirut to mark 80 years of diplomatic ties
Lebanon News
2025-06-04
Mexico dedicates garden around Lebanese Emigrant Statue in Beirut to mark 80 years of diplomatic ties
0
Lebanon News
2025-05-19
President Aoun to seek Egyptian support for Lebanese Army in detecting explosives and tunnels
Lebanon News
2025-05-19
President Aoun to seek Egyptian support for Lebanese Army in detecting explosives and tunnels
0
Lebanon News
2025-05-15
LBCI Exclusive: US steps up pressure on Hezbollah, Morgan Ortagus details sanctions and vision for Lebanon's future
Lebanon News
2025-05-15
LBCI Exclusive: US steps up pressure on Hezbollah, Morgan Ortagus details sanctions and vision for Lebanon's future
0
Lebanon News
2025-05-11
Kuwait rolls out official welcome for Lebanon's President Aoun – video
Lebanon News
2025-05-11
Kuwait rolls out official welcome for Lebanon's President Aoun – video
0
Lebanon News
2025-05-11
Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers
Lebanon News
2025-05-11
Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers
0
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
0
Lebanon News
2025-04-23
US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads
Lebanon News
2025-04-23
US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads
Most read
d-none hideMe
24 hours
7 days
Month
1
Sports News
04:32
Liverpool's Portuguese forward Diogo Jota dies in car crash in Spain, TVE reports
Sports News
04:32
Liverpool's Portuguese forward Diogo Jota dies in car crash in Spain, TVE reports
2
Lebanon News
10:17
Israeli drone targets vehicle on Khalde highway
Lebanon News
10:17
Israeli drone targets vehicle on Khalde highway
3
Lebanon News
03:54
Hezbollah’s Qassem says party won’t surrender weapons or land under pressure
Lebanon News
03:54
Hezbollah’s Qassem says party won’t surrender weapons or land under pressure
4
News Bulletin Reports
12:54
As clock ticks, Lebanon faces pressure over UNIFIL and Hezbollah's weapons — the details
News Bulletin Reports
12:54
As clock ticks, Lebanon faces pressure over UNIFIL and Hezbollah's weapons — the details
5
Lebanon News
11:44
Israeli airstrike on vehicle in Khalde kills one, wounds three: Health Ministry
Lebanon News
11:44
Israeli airstrike on vehicle in Khalde kills one, wounds three: Health Ministry
6
Middle East News
10:40
US imposes new sanctions targeting Iran oil trade, Hezbollah: Treasury Department says
Middle East News
10:40
US imposes new sanctions targeting Iran oil trade, Hezbollah: Treasury Department says
7
Lebanon News
05:46
MEA cancels Paris flight amid French airport strikes, reschedules for Saturday
Lebanon News
05:46
MEA cancels Paris flight amid French airport strikes, reschedules for Saturday
8
Lebanon News
12:14
US Envoy Tom Barrack: Disarming Hezbollah requires a 'carrots and sticks' strategy
Lebanon News
12:14
US Envoy Tom Barrack: Disarming Hezbollah requires a 'carrots and sticks' strategy
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More