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BRICS member China’s new payment system, Chartered Institute of Procurement & Supply (CIPS), has processed over 175 trillion Chinese yuan payments (equivalent to $24 trillion), according to the latest report from The Economist. Worldwide, over 1,700 banks facilitated the payments as the transactions rose faster than ever in 2024, up by 43% from the previous year. Banks from around the world, including from Turkey, Mauritius, and the BRICS member UAE, facilitated the Chinese yuan payments via CIPS. China recently expanded the CIPS services to Africa and the Middle East, gaining a hold in the markets. All of these are mostly operated by Chinese institutions covering payments in over 33 market sectors. Also Read: China Invests $10B in South Africa, Launching BRICS “Silicon Valley” BRICS: China Powers the Chinese Yuan via CIPS Payments Source: iStock CIPS is a large-scale payment infrastructure primarily for clearing and settling cross-border Chinese yuan payments for banks and financ...

A new trend is now gaining rapid momentum among the ASEAN nations. This new trend involves paying in local currencies during travel or vacations, an area where the US dollar once reigned supreme. Moreover, the travellers in ASEAN are now paying in Chinese Yuan, a new currency alternative, which is a stark USD competitor. With this new change in the traditional financial hierarchy, the US dollar is standing at the edge of change, with forces trying to uproot the US dollar for good. Also Read: Bank of America Warns US Dollar Is Summer’s Biggest Pain Trade ASEAN Says No To The US Dollar Source – Eye on Asia ASEAN nations have now started to document a new change in their financial regimes. This change involves increased usage of USD alternatives such as the Chinese yuan or other native ASEAN currencies to transact within the region. The reason for this rapid change can be attributed to the US dollar’s weakening global influence amid aggressive tariff threats and currency weapon...

Countries around the world are actively seeking alternatives to the US dollar for international trade and reserves. This current trend has dramatically increased in 2025 as numerous countries are adopting different approaches to wean themselves off the American currency, reflecting a vital change in the world’s financial system since World War II. Also Read: Goldman Says China to Hit 4.6% Growth After 90-Day Tariff Pause De-Dollarization List of Countries: Key Reasons and Global Impact Source: Watcher Guru As of writing, major economies from Asia, Africa, South America, and even some parts of Europe are following their own footsteps in leaving the dollar hegemony behind. This movement is fundamentally altering global trade patterns and also putting into question the international monetary arrangement which has been around for almost eight decades. Complete List of Countries Leading De-Dollarization Efforts BRICS and Oil Producers BRICS nations lead the global de-dollarization movement ...