World currency

As Bulgaria gears up for its much-anticipated integration into the Eurozone in 2025, the journey toward adopting the euro has sparked a mixed bag of expectations and uncertainties among both citizens and economic analysts.

The United States of America itself is to blame for the fact that many countries began to give up trade in US dollars, Alexei Mozhin, Russia's representative at the International Monetary Fund, told "RIA Novosti".

South Korean prosecutors have barred dozens of people connected to Terraform Labs from leaving the country as they expand an investigation into a $40 billion collapse of the company's cryptocurrency that devastated traders around the world.

The currency lost 3% against the US dollar

Economic activities take place in multiple countries that are interconnected worldwide. This is what is referred to as global economy.

New players who were on the sidelines of the Cold War's bipolar global order have now rejoined the fray. Despite the global financial crisis, the "Middle Kingdom" has conquered a place on almost all of the world's playing fields. Beijing has positioned itself to challenge the dollar as the global reserve currency and extend its position of power throughout the world.

The Chinese yuan officially joined the USD, the Euro, the Japanese Yen and the British Pound Sterling as a global reserve currency.

This is an extremely important moment for Beijing in securing greater influence on the international stage, reported Reuters.

China and Turkey will renew a currency swap deal and expand its scale, according to a statement released by the Chinese central bank on Nov. 16, as reported by Reuters. 

The scale of the three-year agreement will expand to 12 billion yuan ($1.88 billion), based on the mutual consent, the People's Bank of China (PBOC) said in a statement.

By Kevin Buckland and David Goodman

Quantitative easing may be helping Europe achieve its economic targets, but it?s also undermining the long-term viability of the euro by tarnishing its allure as a global reserve currency.