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 <p>Recent data from the US Treasury shows that BRICS members China, India, and Brazil dumped $18.5 billion in treasuries and dollars since last month. While China sold $16.4 billion worth of government bonds, India offloaded $1.5 billion worth of US government-backed securities. On the other hand, Brazil trimmed its reserves by $600 million in US treasury holdings in the last 30 days.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: De-Dollarization Becoming a Reality</strong></p>
 <p>However, despite the sell-off, Izak Odendaal, the Chief Investment Strategist at Old Mutual Wealth said that <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> did not coordinately attempt to get rid of the US dollars. Odendaal highlighted that the three <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members offloading US dollars’ shows the dominance of the USD and not vice versa.</p>
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 <p>The move from <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> to offload US treasuries indicates that the countries are looking to protect their domestic interests. The aim is to stop their local currencies from ending at a new low against the rising US dollar. Therefore, the development has little or nothing to do with the idea of de-dollarization, said the analyst.</p>
 <p><strong>Also Read: Iraq Shows Interest To Join BRICS Alliance</strong></p>
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 <p><strong>“This is by no means a coordinated attempt by <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries to de-dollarize. In contrast, it reinforces how dominant the US dollar is. The dollar has been very strong of late as US interest rates will clearly remain higher for longer,”</strong> Odendaal said to IOL.</p>
 <p>The strategist explained that the US dollar is outperforming all local currencies including the Chinese Yuan and South African Rand. <strong>“From a South African point of view, the strong dollar has already put a lot of pressure on the rand, and indirectly, has put upward pressure on local interest rates,”</strong> he said.</p>
 <h2 class="wp-block-heading" id="h-rising-us-dollar-remains-worrisome-for-brics">Rising US Dollar Remains Worrisome For BRICS</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="689" src="https://cdn.thebittimes.com/images/2023/11/01/914d6ac9ff95e30e201ae52afd4287af.webp" alt="US dollar king crown vs brics" class="wp-image-107463" srcset="https://cdn.thebittimes.com/images/2023/11/01/914d6ac9ff95e30e201ae52afd4287af.webp 1024w, https://cdn.thebittimes.com/images/2023/11/01/914d6ac9ff95e30e201ae52afd4287af.webp 300w, https://cdn.thebittimes.com/images/2023/11/01/914d6ac9ff95e30e201ae52afd4287af.webp 768w, https://cdn.thebittimes.com/images/2023/11/01/914d6ac9ff95e30e201ae52afd4287af.webp 380w, https://cdn.thebittimes.com/images/2023/11/01/914d6ac9ff95e30e201ae52afd4287af.webp 550w, https://cdn.thebittimes.com/images/2023/11/01/914d6ac9ff95e30e201ae52afd4287af.webp 800w, https://cdn.thebittimes.com/images/2023/11/01/914d6ac9ff95e30e201ae52afd4287af.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: nationalinterest.org
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 <p>The US dollar outperformed all five <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> currencies since last month and came out on top. The rising US dollar is adding pressure on local currencies to perform and is affecting their import and export sectors. The cost of imports of various goods turned expensive, and in return, led to price rises in <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries.</p>
 <p><strong>Also Read: BRICS: Saudi Arabia Lines Up New Trade Deals Beyond Oil</strong></p>
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 <p>Therefore, to contain the rising US dollar, India and China initiated various methods to keep the USD in check. Read here to know how China resorted to keeping the Yuan from ending on a low against the US dollar.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>US DOLLAR</li>
  <li>US Treasury</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-is-not-dumping-us-dollars-says-strategist-tbt68611.html">https://thebittimes.com/brics-is-not-dumping-us-dollars-says-strategist-tbt68611.html</a></p>

BRICS Is Not Dumping US Dollars, Says Strategist

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TheBitTimes

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