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De-dollarization is evident in FX reserves where (the dollar's) share has declined to a record as share in exports declined, but is still emerging in commodities," the strategists said.
JPMorgan's assessment is the most high profile of any large U.S. bank although heavyweight asset managers such as Goldman Sachs Asset Management have also voiced views on the trend
JPMorgan's note on Monday estimated for global exports, the U.S. share is now down to a record low 9%, whereas China was at a record high of 13%.
In global central bank FX reserves too, the dollar's share is down to a record low of 58%, albeit a level that is still by far the largest globally.
That share is lower, however, when accounting for gold, which now comprises 15% of reserves compared to 11% five years ago.
The Asian Clearing Union (ACU) will reportedly launch a new cross-border financial messaging system in June as an alternative to SWIFT, marking another major move from global economies and organizations opting for new payment mechanisms amid the accelerated global de-dollarization push.
Deputy governor of Central Bank of Iran Mohsen Karimi said that the payment system is capable of completely replacing SWIFT and could facilitate the global de-dollarization push, RT reported on Thursday, citing the Iranian newspaper Kayhan.
The new financial system will be used only by ACU member states but other countries could apply for membership, per the RT report.
Meanwhile, Pan stressed that the major development direction for the global payment system will be an increase in memberships and enhanced convenience of cross-border payment, which will gradually replace the function of the US dollar and SWIFT in the sector and offer an additional choice to users worldwide.
BRICS - Brazil, Russia, India, China and South Africa - asked the New Development Bank (NDB) to provide guidance on a how a potential new shared currency might work, while the use of alternative currencies was among the prominent talking points during the BRICS foreign ministers' meeting held in Cape Town, the legislative capital of South Africa, Bloomberg reported.
If there is a currency that can replace the US dollar in the international arena in the future, the currency should be beyond countries, economic alliances, and political alliances under a system that is recognized and used by the majority of the world in order to dominate the global market for the long run," Liang noted.
In contrast with the de-dollarization push, the internationalization of the Chinese yuan has been further elevated, winning favor with a rapidly growing number of global partners.
The first branch of Bank of China (BOC) in Papua New Guinea opened on Thursday, making it the first launched by a Chinese bank in a South Pacific island country.
originally posted by: socialmediaclown
a reply to: PokeyJoe
Interesting this showed up on my feed
clip from upcoming interview
Whistleblower. David Grusch
Disclosure? Or more distraction ..
JPMorgan (JPM) has teamed up with six Indian banks to settle interbank dollar transactions on its blockchain-based trading platform, Onyx, Bloomberg reported on Monday.
The investment bank will run a pilot project over the coming months alongside HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPM's own banking unit in Gujurat, India.
The aim of the project, which starts today, is to settle dollar trades in real time around the clock as opposed to over a matter of days and only during the working week. Onyx, established in 2020, is the banking giant's digital assets network for settling wholesale payment transactions.
In a significant development for the adoption of cryptocurrencies in traditional finance, Mitsubishi UFJ Financial Group (MUFG) (1), one of Japan's largest banks, has partnered with Progmat, a blockchain technology firm. This collaboration aims to pave the way for the issuance and management of Japanese bank-backed stablecoins.
Mitsubishi UFG Financial Group (MUFG), a Japanese financial services company, has revealed that Progmat Coin would facilitate the issuance of bank-backed stablecoins. Further, the platform will soon enable Japanese banks to launch stablecoins pegged to the Yen on various public blockchains, including Ethereum, Cosmos, Polygon, and Avalanche.
As Japanese banks get set to issue stablecoins under new legislation, the US’ lack of regulatory clarity in the segment is one hurdle blocking institutions in the country from doing the same.
Updating from decades-old payment systems to cheaper and faster distributed ledger technology will always be a win for the customer, according to Jeff Embry, managing partner at crypto hedge fund Globe 3 Capital.
“The key will be making sure these stablecoins utilize a trustless, immutable and transparent blockchain versus being in control of one bank or one government like a CBDC would,” Embry added.
Banks are slow to adopt because they are the middlemen that blockchain eliminates,” Embry said. “Once customers see the huge benefits of using stablecoins the demand for them will be so great the banks won’t have a choice but to adopt them.”
originally posted by: RelSciHistItSufi
3 year DELTAS for Monday, June 5th:
#4421
Tweet in post:
[...]
Sourced from: www.foxnews.com...
"Given the severity and complexity of the allegations contained within this record, Congress must investigate further," Comer continued.
Comer said FBI officials confirmed Monday that the unclassified FBI generated record "has not been disproven and is currently being used in an ongoing investigation by a confidential human source who provided information about the vice president by being involved in a criminal bribery scheme is a trusted, highly credible informant who has been used by the FBI for over ten years and has been paid over 6 figures."
Comer added: "These are facts and no amount of spin and frankly, lies from the White House or congressional Democrats can change this information.
originally posted by: Guyfriday
originally posted by: Guyfriday
Why do I feel like that we will never learn what that well placed FBI informant had to say about the Bidens.
I just want to follow this bit up with this video short:
I'm not that skilled at what I'm looking at as much as some of you here, but to me it looks very odd.
Can anyone confirm that the Cessna was targeted by the F-16?
Kuwait’s Ports and Borders Security Sector has activated the biometric system, which involves capturing facial, eye, and fingerprint scans of individuals entering the Gulf state through its ports
The Ministry of Interior has announced the implementation of the biometric system at Kuwait’s entry points, in accordance with the national project aimed at safeguarding the country’s security.
The Department of Public Relations and Security Media stated that part of their commitment to enhancing border security using the latest technologies, the Ports and Borders Security Sector has activated the biometric system, which involves capturing facial, eye, and fingerprint scans of individuals entering Kuwait through its ports.
According to local media reports, the system will be enforced for all individuals aged 18 and above, in line with the legal procedures for nationality issuance in Kuwait. Whether they are citizens, residents, or visitors, anyone arriving in Kuwait via any of the ports will be subjected to this new biometric system.
The bank, which has 20 branches across the Gulf state, is using the Zwipe Pay platform to introduce fingerprint recognition technology for a selected group of “VIP” customers.
Zwipe Pay is software for credit and debit card manufacturers that supports biometric authentication. It is approved by card payment networks Visa and Mastercard.
“We are pleased to announce that our Black Banking segment customers can now enjoy innovative technology through the new biometric card, which is designed to provide convenience and ease of access with a high level of security against fraud attempts,” said Deema Al Mulaifi, assistant general manager of operations at Kuwait International Bank.
Citizens of Macau will soon be able to verify their identity at border crossings with a digital credential by scanning a QR code stored on their smartphone rather than using their physical ID card.
The Government of Macau is currently testing a system that will enable citizens to generate a QR code in the Macau One Account app that will serve as a digital identifier and verify the holder’s name, identification number, sex and date of birth as well as the validity and type of identification.
The QR code can be used for both automatic and manual channels, with the exception of juxtaposed control points such as the Hong Kong-Zhuhai-Macau Bridge.
Lei disclosed that the digital identifier for the identification card has already been designed. The government is largely ready to roll out the service, although it is still undergoing testing.
Circling back to Billy's stock profile- This makes zero, as in no sense at all.
He has invested in Deere & Company, the largest manufacturer of farm equipment in the world. Does this make any sense to you? After all to meet the climate scam we need to reduce farming, so there would be no need for all this equipment.
Down the rabbit hole... but this does make sense. Deere & Company was founded in 1837.