Challenging the US-dominated world order, China strives to increase its global influence, with the yuan emerging as the main contender to replace the dollar as world’s reserve currency.
Several countries aim to ditch dependency on the dollar and strengthen bilateral relations.
The EU's efforts to strengthen the Euro reflect a broader shift in global economic power away from the US and towards other regions, including Europe and Asia.
Brazil's trade and investment agency says the deal between Brasilia and Beijing seeks to reduce costs in trade, promote greater bilateral trade and facilitate investment.
The major central banks of the world will step up so-called swap line operations, which give non-US central banks greater access to dollars.
The declining value of the US dollar aided higher oil prices by making trade more appealing for oil buyers using other currencies.
Moscow has been selling 8.9 billion roubles ($120.8 million) of foreign currency per day to plug a budget deficit that has soared because of lower oil and gas revenues amid the conflict in Ukraine.
Oil prices are expected to remain volatile as production cuts by OPEC+ will tighten supplies ahead of the EU embargo on Russian oil, while a strong US dollar and further interest rate increases from the Fed limit price gains.
The US dollar rose for a fourth straight session on Monday as investors braced for high inflation data released this week, leading to expectations of continued aggressive monetary policy from the Federal Reserve.
The dollar traded flat against the yen at 144.75 after hitting a high of 144.89 overnight.
Sterling has crashed as low as $1.0350 as Asian markets opened to trade while some analysts warn it could sink to parity with the greenback.
Analysts said the central bank's move met market expectations and they took heart in Powell's statements that implied the central bank could undertake smaller interest rate hikes later in 2022 after two straight super-sized increases.
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