The United States of America, using its massive economy and the global reliance on the dollar, easily sanctions its rival countries. All in all, some 20 countries and territories are sanctioned by the US, seriously hampering their ability to maintain successful and productive financial ties with other countries. Among the most prominent in this list are Iran and Russia, while, in recent years, even certain sectors of the Chinese economy have been targeted for sanctions. However, outside the West, many countries seem to have had enough with the US using its financial might to bully the rest of the world. China and Russia are working to come up with alternatives to the dollar and US financial institutions.
Meanwhile, the rise of China’s economy as a global powerhouse means that the yuan is posing a real challenge to the dollar’s rule. Recently, in a landmark decision, the Kingdom of Saudi Arabia agreed to accept payments for its oil in yuan. This is perhaps the greatest blow to the dollar system yet. Bringing this matter back home, Pakistan must keep apace with these fast-moving trends or risk being left behind. As the US-China confrontation heats up, balancing our ties with both sides will be crucial
Sajid Ali Naich
Khairpur
Following the disaster in Syria and Turkiye, social media has been rife with claims that there were some who saw the...
According to reports, the Lahore High Court has declared Nepra’s fuel adjustment charges to be unlawful and has told...
The PM recently inaugurated the first anti-polio campaign of the year. Last year saw a spike in polio cases and...
Air pollution is a major problem in Pakistan, with serious consequences for both the environment and human health. The...
I find our food and energy shortages to be mind-boggling. Particularly the former, given that we are an agri-based...
Construction is an ever-evolving industry, and as society becomes more environmentally conscious, the importance of...
Pakistan has a long history of economic instability. Our haphazard and erratic political system has been a major...
This letter refers to the news story ‘Case against amendments in NAB law SC summons details of plea bargain amount,...