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 <p>The Central Banks of <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries have been offloading US dollars through the year to protect their respective local currencies. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries such as China, India, and Russia, among others, dumped US dollars to keep their local currencies from falling. The US dollar is slowly finding its way out of Central Banks from around the world, including that of <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> nations. The year 2023 has relatively been bad for the US dollar as <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> and other developing countries are looking to uproot it from the world’s reserve currency.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: China Aggressively Dumps US Dollars For 3 Days Straight</strong></p>
 <h2 class="wp-block-heading" id="h-brics-us-dollar-reserves-dip-by-6-5-local-currencies-experience-a-rise">BRICS: US Dollar Reserves Dip By 6.5%, Local Currencies Experience a Rise</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="802" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="US Dollar Chinese Yuan Currency" class="wp-image-96105 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp.webp 300w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp.webp 768w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp.webp 380w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp.webp 550w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp.webp 800w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 1024w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 300w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 768w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 380w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 550w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 800w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 1040w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="802" src="https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp" alt="US Dollar Chinese Yuan Currency" class="wp-image-96105" srcset="https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 1024w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 300w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 768w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 380w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 550w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 800w, https://cdn.thebittimes.com/images/2023/12/20/5cf56c730e463423013d380a48b804fb.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
  </noscript>
  <figcaption class="wp-element-caption">
   Source: silkroadbriefing.com
  </figcaption>
 </figure>
 <p>It’s difficult times for the US dollar as Central Banks around the world are cutting ties with the currency. In 2023 alone, the US dollar reserves in various Central Banks fell by 6.48%. However, what comes as a surprise is that local currencies such as the Japanese Yen and the Chinese Yuan increased their share in Central Bank reserves.</p>
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 <p><strong>Also Read:&nbsp;<a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: 150 Countries To Pay Chinese Yuan, Not USD for Loan Repayment?</strong></p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="438" src="https://cdn.thebittimes.com/images/2023/12/20/c9e9f7bff166066d9a45fb76b006c746.webp" alt class="wp-image-121152" srcset="https://cdn.thebittimes.com/images/2023/12/20/c9e9f7bff166066d9a45fb76b006c746.webp 1024w, https://cdn.thebittimes.com/images/2023/12/20/c9e9f7bff166066d9a45fb76b006c746.webp 300w, https://cdn.thebittimes.com/images/2023/12/20/c9e9f7bff166066d9a45fb76b006c746.webp 768w, https://cdn.thebittimes.com/images/2023/12/20/c9e9f7bff166066d9a45fb76b006c746.webp 380w, https://cdn.thebittimes.com/images/2023/12/20/c9e9f7bff166066d9a45fb76b006c746.webp 550w, https://cdn.thebittimes.com/images/2023/12/20/c9e9f7bff166066d9a45fb76b006c746.webp 800w, https://cdn.thebittimes.com/images/2023/12/20/c9e9f7bff166066d9a45fb76b006c746.webp 1118w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: carnegie endowment
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 </figure>
 <p>While the US dollar dipped 6.48%, local currencies saw a spike of 3.65% this year in 2023. Recent data shows the Euro rose by 0.83%, the Japanese Yen spiked by 1.45%, and the Chinese Yuan jumped by 1.37%. In conclusion, the development indicates that the US dollar is on a decline, while <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> currencies are on the rise.</p>
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 <p><strong>Also Read:&nbsp;US Dollar First Casualty When Trade Between <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Countries Rise</strong></p>
 <p>Read here to know how many sectors in the US will be affected if BRICS stops using the USD. The move could wreak financial disaster in the homeland and lead to hyperinflation across all sectors in the US.</p>
 <p>India aggressively sold US dollars in the foreign exchange markets to strengthen the Rupee in November this year. On the other hand, China halted firms that make bulk purchases in the US dollar and announced a rule that financial institutions can hold foreign currency deposits by a third only.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-us-dollar-reserves-fall-6-5-but-local-currencies-rise-3-65-tbt74311.html">https://thebittimes.com/brics-us-dollar-reserves-fall-6-5-but-local-currencies-rise-3-65-tbt74311.html</a></p>

BRICS: US Dollar Reserves Fall 6.5% But Local Currencies Rise 3.65%

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