Western sanctions have bolstered interest by China and Russia in creating a third reserve currency to challenge the dollar and the euro. There is discussions of creating a BRICS (Brazil, Russia, India, China, South Africa) based basket currency similar to the IMF’s SDR’s. After all, China does not want to confront the potential economic sanctions imposed on Russia, particularly expulsion from the SWIFT system. And there is a definite asymmetry when considering the value of the euro and dollar in international settlements versus the respective economies’ share of global GDP.
The British pound (and Franc/Deutschemark) were replaced by the dollar, and then the dollar was competed with the euro, so nothing is permanent. But...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...
