Category: Currency
Russia Presses BRICS to Allow Payment Routes Around Sanctions
As Russia is being squeezed by Western sanctions, it is reaching out to its partners in the BRICS bloc (Brazil, India, China, and South Africa) to allow transactions in their local currencies and to integrate payment systems. This follows the move ...
Rising Debt and a Sinking Currency is a Bad Combination For Kenya
Kenya's embattled currency, the shilling, sank even further on Monday, dipping to an all-time low of 115 against the U.S. dollar, prompting renewed concerns that the country will soon face a dramatic economic reckoning. The problem is that ...
Brazil’s Central Bank Quadruples Yuan Holdings, Raising Chinese Hopes for Greater RMB Acceptance
Brazil’s Central Bank increased its reserves of Chinese renminbi (RMB) fourfold last year. It is the latest indication that the RMB is set to become much more influential in the global financial landscape. A survey last week indicated ...