Socio-Economics History Blog

Socio-Economics History Blog

China and Russia Want to Replace US Dollar With BRICS Currencies

by mosesman
(From L-R) Russian President Vladimir Putin, Chinese leader Xi Jinping, Brazilian President Jair Bolsonaro, South African President Cyril Ramaphosa, and Indian Prime Minister Narendra Modi pose for a family picture during the 11th BRICS Summit in Brasilia, Brazil, on Nov. 14, 2019. (Sergio Lima/AFP via Getty Images)
  • China and Russia Want to Replace US Dollar With BRICS Currencies
    by Antonio Graceffo, July 11, 2022, https://www.theepochtimes.com/
    News Analysis
    BRICS members call for cross-border payment in BRICS currencies to challenge the U.S. dollar.
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    The BRICS—an acronym for Brazil, Russia, India, China, and South Africa—held a summit on June 23. The meeting, chaired by Chinese leader Xi Jinping, was part of a lengthy series of BRICS cooperation events, which began on June 6 with the second finance ministers and central bank governors meeting and ended with the second meeting of the committee of senior energy officials on June 28.
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    In his opening remarks, Xi stated, “We should also expand BRICS cooperation on cross-border payment and credit rating to facilitate trade, investment, and financing among our countries.”
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    He went on to reaffirm the Chinese Communist Party’s (CCP) commitment to working together with the BRICS nations to achieve the CCP dream of the Global Development Initiative (GDI).
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