Former U.S. President Donald Trump has acknowledged China's push to dethrone the U.S. dollar as a reserve currency, stating that it would be the biggest defeat for the U.S. in the last 200 years. Trump made the statement on his social platform Truth Social, citing moves by China, Russia, and Saudi Arabia to undermine the influence of the dollar in world markets. He criticized President Biden's economic policies, stating that the country was "going to hell" and that the economy was "crumbling." China, Russia, and India have been making moves to support their currencies as international settlement currencies, while the BRICS bloc is working on a new currency to be discussed in August.

(By Sergio Goschenko)