A BRICS currency backed by gold 'makes no sense whatsoever,' says one market guru

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Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020.
Creating a BRICS currency backed by gold makes no sense, says David Woo.

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China vows to support yuan through crisis, bouncing the embattled currency from a 16-year low

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China yuan
China's yuan has tumbled in recent weeks.

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The dollar wiped out this year's losses over the past 2 months following a barrage of strong economic data

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dollar bills
The US dollar has soared over the past two months thanks to a barrage of strong economic data.

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China is pushing ahead with dedollarization, hoarding gold for a 10th straight month after slashing Treasury holdings to a 14-year low

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A man places a gold bar in a locker in a vault at the precious metals dealer Pro Aurum.
A man places a gold bar in a locker in a vault at the precious metals dealer Pro Aurum.

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China's economic woes mount with the yuan hitting a 16-year low

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Dollar vs. Yuan
Dollar vs. Yuan

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The greenback is 'losing some influence' in the oil markets — and it means a partial de-dollarization is likely, says JPMorgan

Tech Insider : Economy
One Chinese yuan bill lying on top of a US dollar bill.
A larger volume of oil is now being transacted in non-dollar currencies such as the Chinese yuan, JPMorgan said in its report.

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Russia is becoming increasingly dependent on Chinese banks as its yuan borrowings more than quadruple

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Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a welcome ceremony before Russia - China talks in narrow format at the Kremlin in Moscow, Russia March 21, 2023.
Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a welcome ceremony before Russia - China talks in narrow format at the Kremlin in Moscow, Russia March 21, 2023.

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The winners and losers from a so-so August that threatened to stop the 2023 stock market rally in its tracks

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stock market traders

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China tries again to support its battered economy, bringing in new measures to boost the yuan

Tech Insider : Economy
Yuan
The Chinese yuan.

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De-dollarization won't happen anytime soon as 'it's not so easy' to beat the greenback, Indian minister says

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President of Brazil Luiz Inacio Lula da Silva, President of China Xi Jinping, South African President Cyril Ramaphosa, Prime Minister of India Narendra Modi and Russia's Foreign Minister Sergei Lavrov pose for a BRICS family photo during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa, on August 23, 2023.
The leaders of the BRICS countries at a summit in Johannesburg, South Africa.

Gianluigi Gu

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