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Two countries in the Commonwealth of Independent States (CIS) have settled over $50 billion worth of trade in 2025 in local currency, ditching the US dollar for cross-border transactions. The move signifies a shift in trends where emerging economies are staying away from Western-led currencies. A new norm is being created where local currencies are being used for trade settlements. The downturn is being reflected in the DXY index where the greenback is struggling to climb above the 98 level. Also Read: Gold, Yuan, Euro Rise as De-Dollarization Redraws the Map Russia & Belarus Settle $50 Billion Worth of Trade in Local Currency, Sideline US Dollar Source: jamestown.org Russia and Belarus have fully switched to settling payments in local currency keeping the US dollar at bay. Deputy Prime Minister of Russia Alexei Overchuk, confirmed that the two countries settled $50 billion worth of payments in local currency and not the US dollar. The numbers could increase over the years, as in 2...

BRICS member China is leaving no stone unturned and is selling US dollar-denominated bonds and Treasuries on a larger scale. China has sold nearly $8.2 billion worth of Treasuries in April 2025, according to the latest data released by the the US Treasury Department. The sell-off comes after Trump imposed sweeping tariffs on many countries in early April on Liberation Day. Also Read: China Grants 53 Countries Tariff-Free BRICS Market Access In a BRICS counter-attack measure, China sold the US dollar-denominated bonds and Treasuries trimming their holdings in American assets. The Communist country is cutting ties with America-funneled assets and accumulating gold in its central bank reserves instead. Apart from gold, they are also diversifying reserves with other leading local currencies to end dependency on the US dollar. BRICS: China Cutting Ties With US Dollar Treasuries, Bonds Source: scmp.com Data shows that BRICS member China held $1,350 billion worth of US dollar Treasuries and b...