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Banks' Usage Of The Fed's Emergency Facility Hits New Record High As Money-Market Fund Inflows Resume

After last week's brief (and small) dip, US money-market funds saw inflows once again last week, adding $14.4BN to reach a new record high of $5.5TN...

https://www.zerohedge.com/markets/banks ... ows-resume

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► Sergei Glazyev "Blockchain technologies will help dethrone US Dollar"
“I believe that the development of digital technologies and the already announced plans for the introduction of the digital ruble, the digital yuan and the digital rupee will lead us, perhaps as early as next year, to move first to digital settlement in national currencies. This is much easier than going through banks. There are no endless restrictions and regulatory fears of sanctions,” Sergei Glazyev, the Eurasian Economic Union’s minister for integration and macroeconomics, told Sputnik.
“This will serve as a solid foundation for the introduction of a new digital international reserve currency in the future, based on an international agreement,” he added.
“It could be based in a basket of BRICS currencies and a basket of exchange-traded commodities"

https://new.thecradle.co/articles-id/1043

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@Navsteva

Non-dollar trade: The Saudi Arabia Monetary Authority central bank and the People’s Bank of China (PBC) had announced agreement on a currency swap of 50 billion yuan for later repayment of 26 billion riyal (the amounts are equivalent to roughly $7 billion)

For a long time, the BRICS countries have been trying to move away from the dollar. However, creating a common currency has not been possible so far, mainly due to the dominance of China's economy within the group, which essentially means any common currency would de facto be the yuan.

But it's reported that a solution has been found - instead of a currency, a new payment system will be used. BRICS Pay is not a BRICS currency, but rather an analog of SWIFT for transactions in national currencies.

Everything will operate on blockchain technology. Apparently, this will be integrated with the digital versions of the ruble, yuan, rupee, etc., whose creation is also expected in the very near future.

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