China News Today TheBitTimes.com

ASEAN countries are quietly revolting against the US dollar on the ground level without the world noticing. Bobby Liu, a Singaporean digital nomad, roams across Asia armed with a smartphone and scans QR codes for payments. He visits Thailand and pays for a cup of coffee and pizza by scanning the PromptPay QR code. The payment automatically gets converted to their local currency, Baht. Liu then travels to Malaysia and scans their QR code DuitNow and pays in ringgit for anything he buys. The same drill happens when he visits Indonesia, where he scans the QR code through QRIS and pays the rupiah. When he’s in India, he uses the UPI, scans QR codes, and pays in the rupee. You see the shift here? International payments were mostly in the US dollar before, and now, ASEAN countries are using local currencies. None of these are happening through politics, policies, and trade deals; they’re happening with the common and regular people. “Imagine what that kind of instant payment can ...

ASEAN nations are now looking forward to restricting Chinese imports. The ten-nation bloc is embracing this direction due to fears of overdependence on China for goods and services, which could impact the Chinese Yuan. The move is set to bolster regional industries and collectively check Chinese imports to evade overdependence and reliability fears, potentially affecting the Chinese Yuan’s stability. Also Read: Ripple: AI Predicts XRP’s Price After SEC Victory ASEAN to Curb Chinese Imports Source: orfonline.org ASEAN nations are tightening their stance on Chinese imports. They look forward to imposing specific trade barriers on Chinese imports as fears of over-dependence and reliability loom over their collective heads. The ten-nation bloc is currently strictly promoting its regional industries to strengthen its internal ties. ASEAN Trade Complaints and Export Growth Per SCMP, China has recorded 96 complaints concerning the trade restrictions. On Wednesday, the nation confirmed that it...

ASEAN nations are known to promote de-dollarization. With the ten bloc nations coming together, derailing the US dollar and finding a common currency seems to be their biggest priority at the moment. ASEAN nations are also working together to create an independent currency system that rivals the US dollar to promote the aforementioned ordeal. But will these nations be able to indeed survive without the strong backup that the USD holistically provides? Also Read: ASEAN: WEF Predicts $2 Trillion Digital Economy ASEAN Nation Philippines To Suffer Gravely If US Dollar Derails Source: ChinaDaily.com / JEWEL SAMAD / AFP) The Philippines is one of the most noteworthy countries within the ASEAN nations. It is known to attract many US remittances, typically denominated in US dollars. If the wave of de-dollarization sweeps the Philippines, it could significantly impact its remittance flow and foreign exchange earnings, tanking them both to new depths. Impact on ASEAN Member’s Remittances an...