china-backed

U.S. eyes dollar chokehold to corner China-backed Brazil, tariff threat puts Brazil on brink of inflation spiral…

President Trump has formally notified Brazil that a 50% tariff will be imposed on all goods entering the United States beginning August 1. The letter, posted publicly on July 9, marks the highest rate among the 21 countries targeted in this round of trade enforcement. While other nations received standard language citing trade imbalances, the …

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BIS Asks Banks to Join China-Backed Digital Cash-Sending Project…Saudi Arabia joins mBridge as full participant

Saudi Arabia has recently become a “full participant” in Project mBridge, a cross-border trial for central bank digital currencies (CBDCs) led by China. This collaboration, initiated in 2021, includes the central banks of China, Hong Kong, Thailand, and the United Arab Emirates. The Bank for International Settlements (BIS), which oversees the project, announced this development. …

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