The BRICS summit ended with no new currency and all 5 members issuing differing and contradictory commentary on de-dollarization

Tech Insider : Economy, Politics
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 BRICS summit wrapped up last Thursday with six new members but not a new currency.

Gia

Russians aren't the only victims of the ruble's implosion — the weak currency is also hitting migrant Central Asians who repatriate the cash

Tech Insider : Economy, Economy
A Kazakh woman is seen at her shop in Kazakhstan on May 16, 2019.
Central Asian economies are getting hurt by the weak Russian ruble too.

Mahmut Serdar Alakus/Anadolu Agency/Getty Images

China's yuan faces a cocktail of bearish headwinds even as Beijing scrambles to prop up the currency

Tech Insider
JPMorgan strategists see reason to stay bearish on China's yuan.
JPMorgan strategists see reason to stay bearish on China's yuan.

China Photos / Stringer, Getty Images

The dedollarization drive is facing a confidence crisis as the yuan, ruble and Argentine peso simultaneously plummet, an analyst says

Tech Insider
U.S. dollar notes are seen at a Kasikornbank in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha
U.S. dollar notes are seen at a Kasikornbank in Bangkok

Thomson Reuters

The biggest threat to the dollar is the US itself, top economist Benn Steil warns

Tech Insider
US dollar
The US itself poses the biggest threat to the dollar's dominance, according to top economist Benn Steil.

(Photo by Xu Jinbai/VCG via Getty Images)

Forget the dollar, Argentina should adopt the euro as its currency, Nobel economist Paul Krugman says

Tech Insider
Argentina peso/dollar

Nora Mazzini

With inflation soaring at 113%, Argentina should mothball its central bank and dollarize, top economist Steve Hanke says

Tech Insider
FILE PHOTO: FILE PHOTO: Argentine one hundred peso bills are displayed in this picture illustration taken September 3, 2019. REUTERS/Agustin Marcarian/Illustration/File Photo/File Photo
FILE PHOTO: FILE PHOTO: Argentine one hundred peso bills are displayed in this picture illustration

Reuters

Russia's ruble spikes as Putin and officials mull ways to prop up the currency after it dropped below a penny this week

Tech Insider : Economy
Putin/Gerasimov
Russian President Vladimir Putin (L) and Chief of the Russian General Staff Valery Gerasimov (R) attend an expanded meeting of the Russian Defence Ministry Board at the National Defence Control Centre in Moscow, on December 21, 2022.

MIKHAIL KIREYEV/Sputnik/AFP via Getty Images)

The idea of a BRICS common currency is almost 'embarrassing', says the economist who named the group

Tech Insider
US dollar notes

CFOTO/Future Publishing via Getty Images

Russia's central bank bids to prop up the plummeting ruble by hiking interest rates to 12% at an emergency meeting

Tech Insider : Economy
russia central bank
The Bank of Russia raised interest rates to 12% Tuesday, in a bid to prop up the plunging ruble.

Hank5/Getty Images

Subscribe to Currencies