- Indian Prime Minister Narendra Modi will travel to China for the SCO summit in Tianjin from August 31 to September 1.
- The summit will address global trade, regional security, and de-dollarization strategies.
- This visit marks Modi’s first trip to China since 2019, and follows new tariffs by President Trump on Indian imports.
- Discussed topics will include India-China border issues and possible alternatives to the U.S. dollar in trade.
- Central banks worldwide are reducing exposure to U.S. dollar assets, shifting toward Gold and other assets.
Indian Prime Minister Narendra Modi will visit China later this month to participate in the Shanghai Cooperation Organisation (SCO) summit in Tianjin. The meeting will take place from August 31 to September 1 and is expected to focus on major global trade issues, including a recent 25% tariff imposed on Indian goods by President Trump due to India’s continued purchase of Russian oil.
The event marks Modi’s first visit to China since 2019. Ahead of the summit, he will travel to Japan on August 30 for the India-Japan Summit where he will meet Japanese Prime Minister Shigeru Ishiba. During the SCO meetings, Modi is expected to hold talks with Chinese President Xi Jinping. Recent meetings between the two leaders took place at the BRICS summit in Kazan.
Key topics at the SCO summit will include regional security, anti-terrorism cooperation, and discussions about the stability of trade relations. The summit comes amid ongoing border tensions between India and China, which officials expect to address in hopes of stabilizing diplomatic ties. There is also speculation about whether both countries will expand plans to reduce reliance on the U.S. dollar for trade, a process referred to as “de-dollarization.”
According to the article, while India has stated it does not currently plan to push for de-dollarization, China has already increased the use of its currency, the yuan, in international transactions. “Not just nations, but central banks have also seen a steep pivot to non-US dollar assets,” the report states, referencing a Reuters report and citing data from BlackRock.
BlackRock research has shown that global central banks are shifting away from the dollar, increasing holdings in gold and other non-dollar assets. According to experts, this trend is linked to rising anti-U.S. sentiment and trade policies such as recent tariff hikes.
Prior to the SCO summit, global uncertainties and the escalation of tariffs are already influencing international financial trends, including greater interest in alternative currencies and reserve assets.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Marex Adopts JP Morgan’s Kinexys for Instant Cross-Border Payments
- Bitcoin Slides Despite Dalio Boost as SEC Unveils Bold ‘Project Crypto’
- Bitcoin Signals Hidden Danger Zone at $105K Amid Volatile Markets
- vCISO Adoption Soars 319% as SMBs Drive Demand, AI Powers Growth
- SBI Holdings Files XRP, Bitcoin ETF Applications in Japan
