UAE Pays China With New Digital Dirham, Ditches US Dollar
Dedollarization: the central bank of new BRICS member UAE has put in place a platform to pay China in Digital Dirham, bypassing the dollar, with the first transaction occuring yesterday.
https://watcher.guru/news/brics-uae-pays-china-new-digital-dirham-ditches-us-dollar
Very important story and one of the reasons Powell has to keep pushing back against rate cuts. They can’t let the dollar fall until the very last minute.