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BUENOS AIRES, Argentina (AP) — Argentina’s firebrand populist presidential candidate Javier Milei, the front-runner to win the election later this month, is coming under fire from his rivals who blame him for a sharp depreciation of the local currency in the parallel market. Milei has continued to tout his controversial plan for dollarization of the South American country’s economy. With a little less than two weeks to go before the Oct. 22 presidential election, the Argentine peso has sharply depreciated over the past week. Milei, an anti-establishment candidate who admires former U.S. President Donald Trump, has said he wants to replace the peso with the dollar and says Argentina’s Central Bank should be abolished. Milei’s opponents in the presidential race sharply criticized his words, saying he’s fomenting a run on the peso.

Persons: —, Javier Milei, Milei, Donald Trump, ”, ” Ramiro Marra, Milei’s, Sergio Massa, ” Patricia Bullrich, “, ” Milei Organizations: Argentine, U.S, Bank, Buenos, “, Union, Homeland, United Locations: BUENOS AIRES, Argentina, Argentine, Buenos Aires, Milei’s, Massa

☆ Global central banks are hoarding gold like never before as they seek to reduce 'overconcentration' of dollar reserves
▼ + stars: | 2023-10-10 | by ( Anil Varma | ) www.businessinsider.com time to read: +4 min

Global central banks have been buying record amounts of gold as they seek to diversify reserves away from the dollar. "We expect central banks to continue their role as net purchasers of gold," according to the head of gold strategy at State Street. AdvertisementAdvertisementGlobal central banks have been snapping up record amounts of gold since the start of 2022 - a trend that should continue as countries look to move away from an "overconcentration" of reserves in the dollar, according to State Street Global Advisors. In addition to reserve diversification, the trend is also driven by central banks' desire to strengthen balance sheets and increase liquidity without adding credit risk, according to the firm. AdvertisementAdvertisement"Therefore, as we look ahead, we expect central banks to continue their role as net purchasers of gold," he added.

Persons: —, Maxwell Gold, Vladimir Putin Organizations: State, Service, Street Global Advisors, Society, Worldwide Interbank Financial Telecommunications, Force Locations: China, Russia, Iran, India, Indonesia

☆ Don't worry about dedollarization – the yuan has a 'paltry' share of reserves, so the buck is going nowhere, RBC says
▼ + stars: | 2023-10-10 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The rival yuan doesn't pose a credible threat to the buck, strategist Alan Robinson said in a recent research note. "While China would like its renminbi to topple the dollar, that currency's share of global reserves remains a paltry 2.5%," he wrote. AdvertisementAdvertisement"We don't think any single currency is positioned to replace the dollar in the global reserve system," Robinson added. The greenback had a 59% share of global reserves at the end of the second quarter of 2023, per the IMF. The buck has clung onto its role as the dominant global currency despite China and Russia stepping up their efforts to undermine it since the Kremlin invaded Ukraine in February 2022.

Persons: Alan Robinson, —, Robinson Organizations: RBC Wealth Management, Service, Global, International Monetary Fund Locations: China, Russia, Kremlin, Ukraine, Beijing, Moscow, Russian

☆ Elite investor Jim Rogers rings the alarm on US debt and dollar dominance - and warns of bubbles in stocks and real estate
▼ + stars: | 2023-10-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

George Soros' former business partner said stocks, bonds, and real estate are widely overvalued. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementAmerica's debts have ballooned to dangerous highs, the US dollar's dominance won't last, and there are bubbles in stocks, bonds, and real estate across many countries, Jim Rogers has warned. Rogers is best known as George Soros' former business partner, and the cofounder of Quantum Fund and Soros Fund Management. In May, he predicted the worst bear market of his life with "trouble" across stocks, bonds, real estate, and currencies.

Persons: Jim Rogers, George Soros, Rogers, —, dollarization Organizations: Service, YouTube, Quantum Fund, Soros Fund Management Locations: United States, China, Brazil, Russia, India, South Africa

☆ Iraq is set to fuel de-dollarization by banning the buck from being used in cash transactions, report says
▼ + stars: | 2023-10-06 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Iraq is about to become the latest country to join the de-dollarization drive, per Reuters. The greenback will be banned from being used in cash transactions and withdrawals from January 1, the outlet reported. Several countries, including China and Russia, have made efforts to fuel the de-dollarization movement this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "But don't talk to me about cash dollars anymore."

Persons: —, Mazen Ahmed, Ahmed, Vladimir Putin Organizations: Reuters, Service, greenback, Iraq isn't Locations: Iraq, China, Russia, Iraqi, New York, Beijing

☆ Argentina Inc doesn't want dollarization, business leaders say
▼ + stars: | 2023-10-06 | by ( Jorge Otaola | ) www.reuters.com time to read: +3 min

[1/3] Supporters of Argentine presidential candidate Javier Milei hold dollar bills with his face on them, during a campaign rally, in Buenos Aires, Argentina September 25, 2023. REUTERS/Cristina Sille/File Photo Acquire Licensing RightsMAR DEL PLATA, Argentina, Oct 6 (Reuters) - Corporate Argentina is strongly against full dollarization of the economy, one of the key proposals of presidential election frontrunner Javier Milei, according to 125 business people Reuters spoke to. The survey gives the clearest and most in-depth view yet on how corporate Argentina sees the dollarization debate, which is at the heart of the election race towards the Oct. 22 vote. Some two-thirds of those Reuters spoke to supported a bi-monetary system proposed by conservative candidate Patricia Bullrich, who is popular with business leaders but lagging in wider opinion polls. Most business people surveyed at the IDEA business summit said it was important to keep the peso to be able to adjust monetary variables and maintain competitiveness.

Persons: Javier Milei, Cristina Sille, Patricia Bullrich, Milei, Sergio Massa, Jorge Otaola, Adam Jourdan, Rosalba O'Brien Organizations: Argentine, REUTERS, DEL PLATA, Reuters, IDEA, Massa, Milei, Thomson Locations: Buenos Aires, Argentina, Mar del Plata, Ecuador, El Salvador

REUTERS/Jose Luis Gonzalez/File Photo Acquire Licensing RightsOct 5 (Reuters) - The United States is restarting deportations of Venezuelans who cross the U.S.-Mexico border unlawfully, Homeland Security Secretary Alejandro Mayorkas said on Thursday, part of attempts to curb a record number of migrant crossings. The record number of arrivals has strained resources in cities across the United States, with Democratic officials in New York and Chicago sounding the alarm. Frosty diplomatic relations between the U.S. and Venezuela had made it difficult for the U.S. to deport Venezuelans to their home country. Migration is the direct result of sanctions, the Venezuelan government added, repeating its frequent accusation that U.S. measures are a violation of international law. Washington has insisted Maduro must take steps toward free elections before it considers any further significant sanctions relief, though the U.S. has faced calls from some Latin American governments to take such action without further delay.

Persons: Jose Luis Gonzalez, Alejandro Mayorkas, Joe Biden, Mayorkas, Biden, Donald Trump, Yvan Gil, Washington, Nicolas Maduro, Maduro, Mica Rosenberg, Kristina Cooke, Julia Symmes Cobb, Vivian Sequera, Matt Spetalnick, Simon Lewis, David Ljunggren, Grant McCool, Chris Reese Organizations: REUTERS, Homeland, U.S, Republican, Democratic, Foreign, United, United Nations, Trump, Socialist, Thomson Locations: U.S, Mexico, Ciudad Juarez, United States, Venezuela . Washington, Venezuela, Mexico City, Darien, New York, Chicago, Venezuelan, Latin America, Caribbean, Colombia, Nicolas Maduro . Washington

☆ China and India are so far into frenemy zone that they may never join forces to topple the dollar
▼ + stars: | 2023-10-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

The economist who coined the "BRIC" acronym said the currency idea seemed "crazy." The bloc is helmed by the major emerging nations of Brazil, Russia, India, China, and South Africa. It also appears that it's just Russia and Brazil that have really pushed for a BRICS common currency. But even if a BRICS currency comes to pass, its use could be limited. AdvertisementAdvertisementPrakash said a BRICS currency would be used in "very narrow and vertical settings, or for BRICS projects."

Persons: —, Washington, Joseph Sullivan —, There's, Jim O'Neill, Goldman Sachs, O'Neill, Xi Jinping, Narendra Modi, Xi, didn't, Li Qiang, Liu Pengyu, Modi, Liu, there's, Abishur Prakash, it's, China hasn't, Palit, Prakash Organizations: Service, White House, Indian, Monetary Fund, China's, UN, China, Institute of South Asian Studies, National University of Singapore, Affairs Ministry Locations: China, India, Russia, Ukraine, Brazil, South Africa, Europe, Africa, Beijing, New Delhi, Johannesburg, China's Washington, DC, BRICS

☆ Argentina presidential candidates trade barbs in first debate
▼ + stars: | 2023-10-02 | by ( Walter Bianchi | ) www.reuters.com time to read: +2 min

[1/3] Argentina Presidential candidate Sergio Massa of Union por la Patria party attends the presidential debate ahead of the October 22 general elections, at the National University of Santiago del Estero, in Santiago del Estero, Argentina October 1, 2023. Under Argentine law, two mandatory debates have to be held before the 22 October presidential election, where Argentine voters will be presented with radically different visions for the future. With growing skepticism among voters, the debate on economy, education, human rights and "democratic coexistence" took place with a pre-established format and strict rules that allowed little time for candidates to elaborate their points. On education, all candidates supported public education and on human rights they maintained their differences on the recent history of Argentina. The second debate addressing security, work and "human development, housing and environmental protection" will be held next Sunday in Buenos Aires.

Persons: Sergio Massa, Tomas Cuesta, Javier Milei, Milei, Massa, Patricia Bullrich, Drazen Jorgic Organizations: Argentina Presidential, por la Patria, National University of Santiago, REUTERS Acquire, Argentine, Thomson Locations: National University of Santiago del Estero, Santiago del Estero, Argentina, BUENOS AIRES, Italy, France, Germany, United States, Buenos Aires, Lincoln

This was not a WWE wrestling show, but the 2023 presidential race in Argentina where political outsider Javier Milei is the leading candidate. Argentine presidential candidate Javier Milei for La Libertad Avanza coalition gestures next to Carolina Piparo, candidate for Governor of the Province of Buenos Aires, during a campaign rally in La Plata, Buenos Aires on September 12. Milei is presenting himself as the candidate of renewal – an offer that clearly struck a chord with people in the primary vote. “I’ll vote for Milei because I think he’ll change things,” says Eduardo Murchio, a taxi driver in Argentina’s capital Buenos Aires. A worker receives Argentine peso banknotes in a shop in Buenos Aires on Sept. 26, 2023.

Persons: “, Javier Milei, –, ”, Donald Trump, Jair Bolsonaro, Carolina Piparo, Agustin Marcarian, Trump, Milei, Milei’s, Eduardo Murchio, “ I’m, it’s, Erica Canepa, Milton Friedman –, Javier Marcus, Marcus, dollarizing, Bolsonaro, Teresa Fria, Pope Francis, Pope, Satan ”, “ Pope Francis, Emiliano Lasalvia, Patricia Bullrich, Sergio Massa, Massa, Cristina Fernandez de Kirchner, Bullrich, Anita Pouchard Serra, Claudio Jacquelin, Facundo Nejamkis Organizations: CNN, WWE, Argentine, La Libertad, National Institute of Statistics, Reuters, Bloomberg, Getty, Rosario National University, Trump, Catholic, CIA, Milei, Unity, Homeland, La, Español Locations: Argentina, Mar del Plata, Argentine, Carolina, Province of Buenos Aires, La Plata, Buenos Aires, Latin America, Ecuador, El Salvador, Panama, AFP, Argentina's

☆ Russia is using China's yuan to settle 25% of its trade with the rest of the world, report says
▼ + stars: | 2023-09-28 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Russia has embraced the yuan since its invasion of Ukraine triggered western sanctions. The renminbi is now used to settle 75% of its trade with China and 25% of its transactions with other countries, according to official data. The surge comes in the context of a wider de-dollarization drive, with both Moscow and Beijing trying to undermine the buck. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Before war broke out in Ukraine, they were used to settle 87% of export payments and 67% of import payments.

Persons: —, Vladimir Putin, That's Organizations: Service, RBC, Ministry of Economic Development, Reuters, International Monetary Fund Locations: Russia, Ukraine, China, Moscow, Beijing, Brazil, India, South Africa, Middle

☆ The US dollar and Argentine peso could exist side by side, says rival to presidential frontrunner Milei
▼ + stars: | 2023-09-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Argentine presidential candidate Patricia Bullrich wants both the dollar and peso to be official currencies. This represents a different take versus full dollarization, a policy advocated by frontrunner Javier Milei. "The peso and the dollar will coexist," Carlos Melconian, her chief economic advisor, said at the Bloomberg Economic Summit in Buenos Aires. "There will be a complementary exchange rate regime that will be step by step, and will take inflation into account." "There is going to be very severe and prudent macroeconomic policy in Argentina," Melconian said, according to Bloomberg.

Persons: Patricia Bullrich, Javier Milei, Bullrich, —, Milei, Carlos Melconian, Melconian Organizations: Argentine, Service, US greenback, Bloomberg Economic Summit, Bloomberg Locations: Buenos Aires, Argentina

☆ Dollarization would eliminate Argentina's future inflation risk, former IMF board member says
▼ + stars: | 2023-09-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Dollarization would end inflation risks in Argentina, said former IMF board member Mark Rosen. It wouldn't necessarily deal with the spending issue, but it would anchor monetary policy, and be a big positive change." But critics of Argentina's dollarization idea have previously pointed out that it would be handicapped by the shortage. But not every IMF official shares his take. Though the lender has not officially weighed in on dollarization, Argentina's economic situation does matter to it.

Persons: Mark Rosen, Javier Milei, Francisco Zalles, Argentina's, Rosen, Alejandro Werner Organizations: IMF, Bloomberg, Argentine, Service, International Monetary Fund, Ecuador dollarize, Advection Growth Locations: Argentina, Wall, Silicon, Buenos Aires, Ecuador, America, dollarization

☆ De-dollarization would require governments to sever political and economic ties with US
▼ + stars: | 2023-09-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The dollar's dominance is sticky, political scientist Carla Norrlöf wrote in Project Syndicate. A de-dollarization collective is also unlikely as countries could lose access to the US security guarantee, Norrlöf said. "Governments would need to sever economic and political ties to the US. A de-dollarization collective is also unlikely as countries would lose access to the US security guarantee, Norrlöf said. Even governments who are not direct beneficiaries of American defense would hesitate to worsen relations with the US, a leading military power.

Persons: Carla Norrlöf, Norrlöf Organizations: Project Syndicate, Service, University of Toronto, Atlantic Council, greenback Locations: Wall, Silicon, China, Russia

☆ The de-dollarization drive is spreading wider - Indonesia is the latest nation to join the anti-buck movement
▼ + stars: | 2023-09-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Indonesia appears to be the latest country to jump on the de-dollarization bandwagon. The island nation has launched a National Task Force to promote local-currency transactions. The move is expected to help make the rupiah more stable, and support local financial markets, Bank Indonesia said. The island nation has announced it's formed a National Task Force to widen the use of local currency transactions (LCT) with partner countries, according to Indonesia's central bank. While some experts perceive de-dollarization efforts as a threat to the greenback, others have dismissed the movement as a nothingburger.

Persons: it's, Perry Warjiyo, Vladimir Putin Organizations: Force, Bank, Service, Bank Indonesia Locations: Indonesia, Bank Indonesia, Wall, Silicon, China, Russia, India, dollarization, Beijing, New Delhi, Zimbabwe

☆ Russia calls talks with North Korea 'important' amid geopolitical changes
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] North Korean leader Kim Jong Un meets with Russian Natural Resources Minister Alexander Kozlov upon arrival in Khasan, Russia, September 12, 2023, in this image released by North Korea's Korean Central News Agency on September 13, 2023. KCNA via REUTERS Acquire Licensing RightsSept 13 (Reuters) - The upcoming talks between the leaders of Russia and North Korea are important against the backdrop of the geopolitical changes in the world, Russia's foreign ministry spokeswoman told RIA news agency in remarks published on Wednesday. "Of course, against this background, bilateral contacts are very important. And the situation on the Korean Peninsula is, of course, of utmost importance for security and stability in the region," RIA cited Zakharova as saying. Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Jong Un, Alexander Kozlov, Vladimir Putin, Maria Zakharova, Zakharova, Lidia Kelly, Gerry Doyle Organizations: Russian Natural Resources, North, Korean Central News Agency, KCNA, REUTERS Acquire, United Arab, Thomson Locations: Khasan, Russia, North Korea, Washington, United States, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab Emirates, Melbourne

☆ What China’s new smartphone means for Wall Street
▼ + stars: | 2023-09-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Huawei’s feat could mean that Chinese technology has been progressing much faster than previously thought. Before the Bell spoke to Zino about what’s happening and what it means for Wall Street. Huawei’s new smartphone uses an internally developed, very powerful chip that’s manufactured by the Semiconductor Manufacturing International Corporation (SMIC), a partially state-owned Chinese semiconductor foundry. In the long term, this is probably a good thing for the leading semiconductor companies like Nvidia (NVDA) and Qualcomm (QCOM). Furniture companies are in a rutPeople aren’t buying furniture like they used to, reports my colleague Samantha Delouya.

Persons: there’s, Mike Gallagher, Michael McCaul, Angelo Zino, Bell, There’s, they’ve, They’ve, it’s, Anna Cooban, Samantha Delouya, Hooker, “, ” Williams, Laura Alber Organizations: CNN Business, Bell, New York CNN —, Huawei, House, Skyworks, Materials, Semiconductor Manufacturing International Corporation, Nvidia, Qualcomm, Intel, Federal Reserve, West Elm Locations: New York, China, Taiwan, Korea, United States, Asia, Saudi Arabia, Europe, Virginia, Wayfair, Williams, Sonoma

☆ The problem with labor data in understanding inflation
▼ + stars: | 2023-09-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

The central bank will continue to pay close attention to the state of the labor market, specifically on wages, as it focuses on defeating inflation, but there’s only so much that labor data can reveal about price increases. Mainly, it’s that wage figures are great at gauging inflation’s progress, but they’re lousy at forecasting its future. Financial markets have shifted back to a “bad news is good news” way of perceiving economic data and will continue to react to labor data, but ultimately, it’s the actual inflation data that matter most to the Fed. The issue of labor figures in forecasting inflation lies with productivity data. The Federal Reserve releases August data on industrial production.

Persons: Austan Goolsbee, Raphael Bostic, ”, Quincy Krosby, ” Agron Nicaj, it’s, Anna Cooban, ” James Athey Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Fed, Chicago Fed, Bloomberg, Atlanta Fed, Financial, LPL Financial, CNN, Oracle, National Federation of Independent Business, National Statistics, US Labor Department, Adobe, European Central Bank, US Commerce Department, China’s National Bureau of Statistics, Lennar Homes, The University of Michigan Locations: Washington, Saudi Arabia

☆ The US dollar is king again. Here’s why
▼ + stars: | 2023-09-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —The US dollar is enjoying its longest winning streak in nearly nine years. The rally comes after months of volatility, fueled by concerns that the dollar may be losing its status as the world’s reserve currency. “Rumors of the US dollar’s demise continue to be greatly exaggerated,” James Athey, investment director at Abrdn, an asset manager, told CNN. Higher interest rates tend to boost the value of a country’s currency by attracting more foreign capital, as investors anticipate making bigger returns. “The US economy continues to surprise to the upside,” Carsten Brzeski, global head of macroeconomic research at ING, told CNN.

Persons: ” James Athey, ” Athey, ” Carsten Brzeski, ” Brzeski, Russ Mould, AJ Bell, Athanasios Vamvakidis, Sheldon Cooper, “, ” Alex Cohen Organizations: London CNN, CNN, Federal Reserve, ING, US Federal Reserve, European Central Bank, Bank of America Global Research, People’s Bank of Locations: Saudi Arabia, United States, China, Europe, Germany, Russia, People’s Bank of China

☆ The greenback is 'losing some influence' in the oil markets — and it means a partial de-dollarization is likely, says JPMorgan
▼ + stars: | 2023-09-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

The US dollar is losing some influence in the oil markets, according to JPMorgan. The correlation between the USD's strength and oil prices has weakened, per the bank's research. The analyst drew the conclusion by looking at the impact of a strengthening dollar on oil prices. AdvertisementAdvertisementThe relationship exists because the dollar is traditionally inversely correlated to oil prices — meaning that when the greenback's value rises, oil prices fall, and vice versa. This trend is because more oil is now being transacted in non-dollar currencies, JPMorgan said in its report, such as the Chinese yuan.

Persons: Natasha Kaneva, Kaneva, Jahangir Aziz, —, It's Organizations: JPMorgan, Service, Brent, Reuters, Russia Locations: Wall, Silicon, China, Russia, Ukraine, Washington

☆ JPMorgan says the biggest risk of de-dollarization isn't a rival currency — it's that the US could lose a key tool it's used to fight past economic crises
▼ + stars: | 2023-09-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The biggest risk of de-dollarization is that the US could lose a key tool it's used to fight past crises, JPMorgan said. De-dollarization risks mostly relate to inflation and debt burdens, strategists said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Instead, the key de-dollarization risk that Western economies face is mostly related to inflation and their debt burdens, they explained. Bu while JPMorgan expects "marginal de-dollarization," to take place, the pace is not expected to be rapid.

Persons: —, Marko Kolanovic, dollarization Organizations: JPMorgan, Service, West, AA, AAA Locations: Western, Wall, Silicon, East, Ukraine

But by January of this year, faced with rising rent, increased taxes and financing constraints, he closed it down. The government of Nicolas Maduro relaxed currency controls in 2019, allowing more transactions in dollars despite U.S. sanctions. The move led to a slight recovery in 2021 and 2022 after eight years of economic collapse and the migration of some 7.3 million Venezuelans. 'NO BUYING CAPACITY'Other businesses which have survived said they were slashing prices, salaries and profit margins to stay afloat. "Structural economic problems like scarce credit, an absence of recovery in public utilities, among others, were not resolved."

Persons: Enrique Perrella, Nicolas Maduro, Maduro, Yaner Fung, Fung, Ecoanalitica, Jesus Palacios, Migdalia Uviedo, Ivan Puerta, restaurateurs, Giulio Gallucci, Mayela Armas, Keren Torres, Tibisay Romero, Johnny Carvajal, Julia Symmes Cobb, Vivian Sequera, Rosalba O'Brien Organizations: Venezuelan Finance Observatory, Retailers, Restaurants, Thomson Locations: CARACAS, Caracas, Barquisimeto, Valencia, Ecoanalitica, Mexican

Ramiro Marra, candidate for mayor of Buenos Aires and part of the inner circle of Argentina's radical presidential front-runner Javier Milei, listens to Milei talking to journalists, in Buenos Aires, Argentina August 24, 2023. Juan Napoli, also running for a Senate seat with Milei's party, agreed time would be needed to lay the groundwork for reforms. The presidential candidates for the two blocs will be Economy Minister Sergio Massa and former security minister Patricia Bullrich, respectively. "All of the alternatives that are laid out in the law and the national constitution, we are going to use them." Reporting by Anna-Catherine Brigida; Additional reporting by Eliana Raszewski and Juan Bustamante; Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Ramiro Marra, Javier Milei, Agustin Marcarian, Milei, Marra, Juan Napoli, dollarization, Sergio Massa, Patricia Bullrich, Anna, Catherine Brigida, Eliana Raszewski, Juan Bustamante, Rosalba O'Brien Organizations: REUTERS, Milei, Reuters, Bull Market Brokers, Peronist, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

☆ The BRICS summit ended with no new currency and all 5 members issuing differing and contradictory commentary on de-dollarization
▼ + stars: | 2023-08-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

De-dollarization was a closely watched topic amid the BRICS summit last week. He said at a previous international meeting in July that it was important to establish an "independent financial system" based on local currency trade. But these international arrangements, trading arrangements, payment arrangements, these have been in place for a long time." AdvertisementAdvertisementInstead, South Africa appears to veer toward increasing the bloc's trade in local currencies. The economist who coined the term BRICS slammed the idea altogetherJim O'Neill, a former Goldman Sachs economist who first gave the BRICS bloc its name, has slapped down the idea of a common BRICS currency.

Persons: dollarization, SWIFT, Luiz Inacio Lula da Silva, Putin, Vladimir Putin, I'm, Hardeep Singh Puri, Puri, Xi, Xi Jinping, Enoch Godongwana, Paul Mashatile, Jim O'Neill, Goldman Sachs, O'Neill Organizations: Service, United, United Arab Emirates, Times, CNBC, Bloomberg, Financial Times Locations: Wall, Silicon, South Africa, Brazil, Russia, India, China, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab, New Delhi, Johannesburg, South

☆ 'Coldplay dollar' and 'Qatar dollar' highlight Argentina's bizarre currency system as it weighs ditching the peso
▼ + stars: | 2023-08-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Argentina's economic burdens have spawned a number of dollar-peso exchange rates. They include a black market dollar rate, as well as the "Coldplay" and "Qatar" rates. There's an official rate, but also a "blue dollar" rate determined by an underground exchange of greenbacks that's free of governmental controls. So while the official peso rate stood at just under 350-per-dollar on Friday, the blue dollar rate was 715. AdvertisementAdvertisementOther exchange rates are not spin-offs designed to evade currency restrictions, but are actually organized by the government.

Persons: Coldplay, There's, Monica de Bolle, Javier Milei, de Bolle Organizations: Service, Qatar, Coldplay, Peterson Institute for International Economics Locations: Qatar, Wall, Silicon, Argentina

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