Central banks across many developing nations are increasingly moving their reserves into gold and local currencies, reducing their reliance on the U.S. dollar.
This shift is driven by concerns over the massive $35 trillion U.S. national debt, which poses risks if global markets experience a downturn or recession. BRICS countries are particularly proactive in diminishing their dependence on the U.S. dollar while strengthening their local currencies.
The share of the U.S. dollar in global reserves has dropped significantly. Currently, it represents 59% of global reserves, down from 72% in 2002, as reported by the Atlantic Council. Over the past two decades, the dollar’s global reserve share has decreased by 13%, while China’s yuan has seen a 3% increase in its share.
Additionally, the Euro has also seen a reduction, falling 19% from its 28% share in 2008. According to Maria Zakharova from Russia’s Ministry of Foreign Affairs, the Euro’s share has decreased substantially over the past 16 years, while the Yuan has seen significant growth.
The BRICS nations are pushing for the use of their local currencies in international trade, putting further pressure on the U.S. dollar. If this trend of de-dollarization continues, the U.S. dollar’s share of global reserves could drop below 50% in the future, potentially leading to significant financial instability and market disruptions in the U.S.
The Portuguese government has put an end to an exceptional regime that allowed foreigners to enter Portugal and then apply for a residence permit. Portugal announced a new plan to toughed immigration
In recent years, so-called golden-passport programs have come under increased scrutiny. But a handful of nations are hoping that they’ll be allowed to continue. For five Caribbean countries, citizenship
Hong Kong boasts almost twice the number of family offices than its nearest rival Singapore, according to a newly published report. The study commissioned by the Hong Kong government and published by
The trial of 27 individuals, including the founders of Mossack Fonseca, tied to the Panama Papers scandal commences in Panama. This trial will shed light on global financial deceit and spark a broader