Opinion by Mathew Carr

Oct. 8, 2025 — The world seems keen to trade …in currencies other than the USD.

Will the global carbon markets be multi-currency?

I suspect they will, the world having learned that giving the USD primacy handed the USA too much economic power.

America has abused its position and rigged markets in its favor. OPEC also rigged markets in America’s favor and now the US leadership behaves like a fossil-fuel addict.

Will the global carbon price be in euros, since the USA has been recklessly downplaying climate change for most of the past 40 years, while europe led on it? What about Chinese Yuan? Brazil’s Real? India’s Rupee?

🇮🇳🇨🇳🇷🇺 India Begins Paying for Russian Oil in Chinese Yuan

According to Reuters, India has started settling payments for Russian oil in Chinese yuan, marking a significant step toward de-dollarization in global energy trade.

Sources say several traders have now set yuan as a… pic.twitter.com/aT26DM6Esm

— DD Geopolitics (@DD_Geopolitics) October 8, 2025

Ursula von der Leyen (President of the European Commission) has expressed support for the idea that the euro can become a more important currency on the global stage.

Specifically, she has advocated for “strengthening the international role of the euro,” which directly implies enhancing its importance and influence worldwide during the currency shifts.

@vonderleyen For example (Grok):

• In a September 2025 post on X, she stated: “We exchanged views on the global economic outlook, on the digital euro and on strengthening the international role of the euro.” @vonderleyen
• In a January 2022 post marking the euro’s 20th anniversary, she noted: “20 years on, the euro is one of the most powerful currencies in the world. The euro also reflects our values, as the global currency for sustainable investment.” @vonderleyen

These statements align with broader EU efforts to boost the euro’s global standing. The euro is currently the second-most important global currency after the US dollar, but its role has remained stable rather than expanding significantly since 1999.

China is in a fight about which currency to use when buying iron ore …and which markets control the price …BHP gets too much of the pie? Here’s good commentary:

It’s gone largely unnoticed but there is currently an epic battle between Australian mining giants and China over who sets pricing for iron ore (one of the world's most strategic commodities), and in which currency.

The latest move, just a week ago, is that China banned…

— Arnaud Bertrand (@RnaudBertrand) October 8, 2025

Botswana’s leader Duma Boko this month said Africa is no longer going to tolerate colonialistic arrangements where raw materials are exported to western nations, handing value to them. From now, African nations will add the value and export refined goods.

Listen to the BBC interview:

https://www.bbc.co.uk/sounds/play/w3ct7x6z?partner=uk.co.bbc&origin=share-mobile

(More to come)

NOTES