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China doubles down on promoting yuan as confidence in U.S. dollar takes a beating​

  • China is introducing ways to bolster yuan's usage as confidence in the U.S. dollar falters.
  • Three major Chinese exchanges have allowed certain foreign institutional investors to trade more futures and options contracts listed in mainland China.
  • From expanding investment channels to building digital infrastructure, Beijing has been laying the groundwork to accelerate international use of its currency.
China is devising more ways for foreign institutions to use the yuan, as international confidence in the U.S. dollar falters.

The moves aim at challenging the greenback, experts said, even as the U.S. dollar remains by far the world's predominant currency. The timing is favorable as the U.S. dollar index has tumbled more than 9% this year — while the offshore yuan has strengthened more than 2% against the dollar.

More:

https://www.msn.com/en-us/money/mar...-takes-a-beating/ar-AA1HlX4P?ocid=socialshare
 
I missed the news on this, but almost a week ago, it was reported that Xi is going to miss the BRICS summit in Rio next week and host Brazil isn't very happy about it.

Xi Jinping will not attend the Brics summit in Rio de Janeiro next week, Chinese officials have said, marking his first absence at the high table of the world’s leading emerging economies.

Beijing has informed host Brazil of Mr Xi’s absence, citing a scheduling conflict, the South China Morning Post reported on Tuesday.

The 17th annual Brics summit is scheduled for 6-7 July.

China will likely send premier Li Qiang to the summit instead. He similarly attended the G20 summit in India in 2023 in Mr Xi’s stead.
...
The report speculated that the Brazilian president’s invitation for a state dinner to Indian prime minister Narendra Modi could have sparked Mr Xi’s withdrawal as it could have made the Chinese leader appear as a “supporting actor”.

The Chinese president has never missed a Brics summit since taking office and has participated in every edition since 2013.

For two years during the Covid pandemic, he participated in the summit virtually.

In response to reports about Mr Xi skipping the summit, the Brazilian foreign ministry said it “will not comment on internal deliberations of foreign delegations”.

The last-minute pull out, however, has reportedly left Brazil upset.
...
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www.aol.com

Xi Jinping to skip Brics summit in Brazil after India’s Modi offered state dinner

Chinese president has never missed a Brics summit before
www.aol.com www.aol.com
 
Chinese news media reporting:
... One Brazilian bank, now owned by China, recently became the first in Latin America to use China’s Cross-Border Interbank Payment System (CIPS) for trade between the two countries. The CIPS network has reached over 1,300 financial institutions across 110 countries. ...
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BRICS summit opens in Brazil, overshadowed by Trump’s tariff policies and Middle East tensions​

The BRICS bloc of developing nations on Sunday condemned the increase of tariffs and attacks on Iran, but refrained from naming U.S. President Donald Trump. The group’s declaration, which also took aim at Israel’s military actions in the Middle East, mentioned war-torn Ukraine just once.

China’s President Xi Jinping did not attend a BRICS summit for the first time since he became his country’s leader in 2012. Russian President Vladimir Putin, who will make an appearance via videoconference, continues to mostly avoid traveling abroad due to an international arrest warrant issued after Russia invaded Ukraine.

The group’s declaration raised “serious concerns” about the rise of tariffs, which it said were “inconsistent with WTO (World Trade Organization) rules,” the document says. The group added that those restrictions “threaten to reduce global trade, disrupt global supply chains, and introduce uncertainty.”

More:

 

BRICS portal

BRICS is an informal group of states comprising the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa. The growing economic might of BRICS countries, their significance as one of the main driving forces...
infobrics.org infobrics.org

www.youtube.com

Think BRICS

Think BRICS: where the future of global power meets insightful media. A pioneering "think tank media platform" decoding the transformation of global power dynamics. We blend expert analysis with compelling storytelling to reveal the strategic shifts of BRICS nations and the Global South. As a...
www.youtube.com www.youtube.com
 
Ever heard of "Tax Inspectors Without Borders"? Well...............they exist.

Tax Inspectors Without Borders Annual Report 2025​

This report reflects on ten years of Tax Inspectors Without Borders (TIWB), a joint initiative of the Organization for Economic Co-operation and Development (OECD) and United Nations Development Programme (UNDP). It charts the evolution of the initiative from its formal launch in 2015 to 2025, highlighting key milestones and its expansion in response to the rapidly evolving international taxation and development landscape. The report examines the results achieved by TIWB over the past decade, in close collaboration with its dedicated partners, and how it has been instrumental in tackling illicit financial flows and strengthening domestic resource mobilization. The report also reviews recent efforts to adapt and enhance the initiative to ensure it remains fit-for-purpose to support jurisdictions worldwide in an increasingly complex global environment. Looking ahead, the report explores how TIWB, in collaboration with new and existing stakeholders, will continue to innovate and explore opportunities to meet the rising demand for practical, hands-on capacity building from tax administrations worldwide.

 

LBMA Gold Markets and the Rise of BRICS Gold Hubs​

Jul 8, 2025 #Singapore #wealthprotection #wealthpreservation
What is the London Bullion Market Association, and how do bullion banks function within it? How is BRICS influencing how gold will move and be stored? In this video, we explore the structure of the gold market, how trades are settled, and the LBMA’s role in maintaining trust and liquidity in global precious metals. And, we will also explore the new gold hubs and the direction the world may be moving to store its gold.


23:42

Timestamps
00:00 The LPMCL, London Precious Metals Clearing Limited
00:56 The LBMA, London Bullion Marketing Association
02:03 The relationship between the LBMA and the LPMCL
02:54 Setting the daily gold price
03:48 The LPMCL and LBMA vaults
05:03 The physical London market and the paper U.S. market
09:53 Asian gold exchanges and markets
13:08 The new gold hubs
 

Russian firms use netting, gold and crypto in transborder payments, watchdog chief tells Putin​

MOSCOW (Reuters) -Russian companies are successfully using netting, gold, and cryptocurrency to facilitate international payments, the head of Russia's financial watchdog told President Vladimir Putin on Tuesday.

Netting involves banks managing export and import payments through verified agents, with transactions centrally balanced to ensure counterparties receive their funds.

International payments for Russian trade nearly stalled in the spring of 2024 as banks in Russia's key trading partners, including China, India, Turkey and the United Arab Emirates, came under the threat of secondary U.S. sanctions.

More:

https://www.msn.com/en-us/money/com...hief-tells-putin/ar-AA1IcDz8?ocid=socialshare
 
...
More than a new global monetary hegemon, then, we may be facing global monetary warlordism, with the euro, the renminbi, crypto — and we could add gold — vying for position.
...
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🤣

The Renminbi only gets play because of gold. The West might be confused for while on what has value, but the East /BRICS+ has already got a plan in motion.
 
In the last few weeks, we've seen the following news items:
It looks to me like the major/core BRICS nations are likely going to follow China's strategy to expand gold trading in their own currencies on their own exchanges and then expand warehouse operations internationally. They are all going to be internationalizing their local currencies with gold convertibility.
 
This is HUGE news that is getting no play in western financial media (via Google translate):
...
According to the Shanghai Gold Council, the Shanghai Gold Exchange has made important progress in the coffers of Saudi Arabia and Hong Kong. On May 8, 2025, the Saudi delivery bank of the Shanghai Gold Exchange was officially opened to realize the "two-way free exchange" of the RMB and gold, and at the same time, it also facilitated the direct participation of Middle Eastern investors in Shanghai gold trading through the Saudi Treasury. On June 26, 2025, the Shanghai Gold Exchange officially opened the designated international board warehouse in Hong Kong, and launched the gold trading contract for delivery in Hong Kong, and a number of Chinese and foreign institutions successfully reached the transaction on the first day.
...
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中国黄金协会：上半年黄金首饰消费量同比降26%

中国黄金协会：上半年黄金首饰消费量同比降26%
finance.sina.com.cn

h/t to David Lee for the citation:
 
Russia and China are taking concrete steps to reduce Western influence over global gold markets, signalling a broader move towards monetary self-reliance and the redomiciliation of gold reserves away from traditional Western centres.

Russia is preparing to launch its own gold exchange, independent of the London Bullion Market Association (LBMA), which has dominated international price-setting since the early 20th century. According to officials, trading on the new Russian platform will be based on physical bullion, with participation open to BRICS member states.

This marks an effort to establish a gold market “self-sufficient” from Western financial infrastructure, reflecting wider de-dollarisation trends among emerging economies.

China has also taken a decisive step by opening its first offshore gold vault in Hong Kong. The facility allows trade partners with a positive balance with China to convert surplus yuan directly into gold via the Shanghai Gold Exchange, bypassing the US dollar entirely.

Describing the move, Chinese officials said it represents “a bold move toward transparency in trade and a return to 19th-century principles: where there’s gold, there’s money.”

The development is expected to enhance the yuan’s role in international transactions, particularly among countries affected by US sanctions. Gold has continued to rise as a safe-haven asset, hitting successive all-time highs in recent months amid trade tensions and geopolitical uncertainty.
...
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More:
https://www.msn.com/en-us/money/eco...ges-cut-ties-with-western-control/ar-AA1JmmfV

Article didn't mention SGE in KSA - western media has not yet caught on.
 
It looks like China is accelerating the SGE expansion:

 
I'm not sure this will go anywhere, but it is interesting that they are aiming to try I guess...
Major countries and regional blocs in Africa are throwing their weight behind an ambitious plan to establish a “non-circulating” currency backed by critical minerals, which are crucial to technological development, defense, and economic growth.
...
The proposed monetary unit is provisionally called the African Units of Account (AUA), according to a plan formulated by the African Development Bank (AfDB) and KPMG South Africa.

The new currency is supported by the African Union and South Africa, the continent’s biggest economic power, and could soon be piloted in a test market.

The proposal says the AUA would be traded on the international foreign exchange market, and would be less susceptible to fluctuations in individual African currencies or the U.S. dollar, making it more attractive to investors.

Economists say the backing of the currency with mineral reserves could reduce the risk perceived by lenders, potentially leading to lower interest rates on loans for development projects, especially in Africa’s energy sector.

While some in Africa’s mining industry are optimistic about the potential of such a currency, others warn that China could “weaponize” it, given Beijing’s dominance in global critical minerals supply chains.
...
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Africa Set To Test Critical-Minerals-Backed Currency | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

Probably unrelated...
...
The Securing Minerals for the Energy Transition (SMET) initiative, led by the World Economic Forum with McKinsey & Company as knowledge partner, brings together governments, industry, finance and development partners to drive coordinated action on critical minerals.

This regional effort, in collaboration with the Development Bank of Southern Africa (DBSA), draws on discussions from recent multi-stakeholder convenings, reflecting regional and international perspectives on practical solutions to scale responsible mineral value chains in Southern Africa.
Click to expand...

 
Clarion call for BRICS???? If you watch the vid there's nothing to see. Can listen in one tab, play around the forum in a different tab.

 
Both Russia and China have huge economic problems themselves. Believe you me. Back in the 1880's Russia stole millions of kilometers of Chinas land mass. Think they forgot ? They also were forced to pay Russia hundreds of millions of silver rubles.

Well now China is in the drivers seat because Russian economic growth is basically zero and they are forced to sell energy to China at a loss just to keep them on board. These two have fought wars in the recent past and the potential in their vast frontier and the arctic make another one not unlikely. The Chinese have a saying "One mountain can't feed two tigers" or something to that effect "I forget". America doesn't share many thousand of miles of contested borders with the Chinese and trade with us is far more important to China then trade with Russia.

China is still wary of the country that treated them like junior partners , or even enemies, for so many years. Asian cultures have "generational memorys" and they know how to keep a grudge while we in the west forgive and move on quickly.
 
A few weeks ago, news broke that China's SGE was opening gold warehouse operations in Hong Kong:
pmbug said:
In the last few weeks, we've seen the following news items:
  • China (SFE/SGE) expanding gold warehouse operations to Hong Kong with more international expansions planned. ...
...
Click to expand...

Looks like Hong Kong wants to become an international nexus:
Writing in his weekly blog on Sunday, Hong Kong Financial Secretary Paul Chan Mo-po said the special administrative region government is stepping up efforts to become an international gold trading hub, and is reviewing related areas, including support for physical gold delivery, with plans to be unveiled later this year.

As the city is making progress in building a commodity trading ecosystem, Chan underscored Hong Kong’s advances in the nonferrous metals market.

Earlier this year, the SAR became a part of the London Metal Exchange’s global warehouse network, an achievement he described as a “significant milestone” that has brought China closer to the world’s most active metals trading markets.
...
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www.chinadailyhk.com

Chan: HK drawing up plans to support gold trading

The financial chief highlighted, for example, the city’s solid processes in building a commodity trading ecosystem.
www.chinadailyhk.com www.chinadailyhk.com
 


Swiss refiner possibly expanding operations in Hong Kong. Sure looks like wheels are in motion for Hong Kong to compete directly with the LBMA/London.
 


I was unaware that this was happening. Interesting play - leverage dollar surplus into RMB demand.
 
India looking to internationalize the Rupee and expand trade with BRICS using their own currency:
The Reserve Bank of India (RBI), like its global peers, is a cautious, conservative central bank. So, it comes as a surprise that in recent months the RBI has been talking up the internationalization of the rupee, that is the cross-border use of the currency for trade settlements and swap arrangements with several countries.

The central bank has allowed Indian banks to lend in rupees to countries in the neighborhood and is actively promoting trade invoicing in the national currency. Recent agreements with Singapore, Russia and the UAE have widened rupee settlement options and foreign banks have been permitted to open vostro accounts, which will allow the foreign entity to hold rupee-denominated accounts with domestic banks.

The gradual internationalization of the rupee is taking place against a background of trade volatility and tensions with America, the country’s largest trading partner. ...
...
India, like China, is also unlikely to relax capital controls anytime soon and float the rupee. However, it is useful to differentiate between the India and China approach. RBI Governor Sanjay Malhotra has emphasized that rupee internationalization is not aimed at supplanting the dollar as the world’s reserve currency, an ambition which China definitely harbors. India has also spoken out against a Russian-Chinese proposal to launch a BRICS currency.

India could emulate China in other ways. Like China’s UnionPay, it could further expand the cross-border use of its RuPay card platform, which will allow Indians traveling overseas to pay for products and services in rupees. Over time, as the global rupee gains credibility and influence, it could even find a place on the IMF’s Special Drawing Rights (SDR) currency basket, which currently includes the renminbi alongside the dollar, the pound, euro, and the yen. For hyper cautious RBI, that may well be the ultimate prize.
Click to expand...

www.forbes.com

With Modest Ambition, India Flirts With A Global Rupee

The Reserve Bank of India (RBI), like its global peers, is a cautious, conservative central bank. So, it comes as a surprise that in recent months the RBI has been talking up the internationalization of the rupee, that is the cross-border use of the currency for trade settlements and swap...
www.forbes.com www.forbes.com
 
China plans to accelerate the creation of a development bank and set up an international platform for energy cooperation, Chinese President Xi Jinping announced Monday at a summit that represents an emerging challenge to U.S. global leadership with the participation of Russia and India.

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi were among the leaders meeting in Tianjin, in northern China, for the annual summit of the Shanghai Cooperation Organization. The security forum was originally seen as a foil to U.S. influence in Central Asia and has grown in size and influence over the years.

Xi is attempting to expand the scope of the SCO. He announced initial plans for a development bank run by the organization, introduced a cooperation platform for green and energy industries and pledged $1.4 billion in loans over the next three years to the organization’s members.

Xi also said he was opening the way for SCO member states to use China’s BeiDou satellite system, an alternative to the GPS system controlled by the U.S.

Putin expressed support for Xi’s initiatives, saying he believes the SCO “could take on the leading role in efforts to form a more just and equal system of global governance in the world.”

Laos joined the SCO as a partner, a designation short of full membership, Chinese Foreign Minister Wang Yi told reporters. The combined group of members and partners has reached 27, representing countries in Central and Southeast Asia, along with China, India, Russia, Iran and others.
China on message
...
Founded in 2001, the SCO now includes Russia, Belarus, China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan. Afghanistan and Mongolia are observer states, and 14 other countries, including several from the Middle East, serve as “dialogue partners.”
...
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More:
apnews.com

China's Xi seeks expanded role for Shanghai Cooperation Organization at Tianjin summit

Chinese President Xi Jinping has announced plans to accelerate the creation of a development bank and set up an international energy cooperation platform.
apnews.com apnews.com
 
BRICS leaders are holding a video conference meeting tomorrow. I'm not sure if it's going to be available for public viewing or not.

At the invitation of Brazilian President Luiz Inacio Lula da Silva, Chinese President Xi Jinping will attend the BRICS Leaders Virtual Meeting via video link in Beijing on September 8 and deliver an important address, a Chinese foreign ministry spokesperson announced on Sunday.
Click to expand...

Xi to attend BRICS leaders virtual meeting

english.www.gov.cn english.www.gov.cn
 
Nothing to see, can listen in one tab, play around the forum in a different tab. Remember: take everything for fwiw and dyodd.

 
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