dollar
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Finance
China Moves to Destroy US Dollar As They Launch the Gold-backed Petro-Yuan
In a massive move against the global dominance of the U.S. dollar, China’s highly anticipated Petro-Yuan has been launched in Shanghai. With China being the world’s largest consumer of oil, this new currency is an international game-changer that was a predicted move by China to directly compete—and subsequently devalue—the US dollar. Analysts call the plan, announced by Beijing in September,…
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Finance
‘Currency War Alive and Well’ as Yen, Euro Advance Against Dollar
Experts forecast a revival of the currency war amid the yen’s advance against the dollar for the third time in three weeks and the euro gaining ground against most of its peers. As hedge funds raise their outlook on the yen to the highest in three years, market analysts suggest that “the currency war is still alive and well.” “Japan’s…
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Finance
Russia Ends Dollar/Euro Currency Peg, Moves to Free Float
The Bank of Russia took another step towards a free float ruble by abolishing the dual currency soft peg, as well as automatic interventions. Before, the bank propped up the ruble when the exchange rate against the euro and dollar exceeded its boundaries. “Instead, we will intervene in the currency market at whichever moment and amount needed to decrease the…
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