Xi and Putin Want BRICS alternatives to US Dollar
BRICS members call for cross-border payment in BRICS currencies to challenge the U.S. dollar.
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.
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.”
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).
Chinese Foreign Minister Wang Yi presented the GDI to the United Nations in April 2022 as a CCP-led world development initiative. It was welcomed by the U.N. and has received messages of support from 100 nations. The Group of Friends of the GNI was established on the U.N. platform. So far, more than 50 countries have joined. Ostensibly, utilizing a China-led, non-dollar payment system would help facilitate the development the CCP is calling for.
The XIV BRICS Summit Beijing Declaration issued on June 23, which establishes the goals for the coming year, includes continued collaboration on “the BRICS Payments Task Force (BPTF) as a platform for exchanging experience and knowledge, and welcomes the central banks’ further cooperation on the payments track.”
Both Xi and Russian President Vladimir Putin called for payment alternatives to decrease the dominance of the US dollar in international trade and to reduce U.S. control of the SWIFT system.
China and Russia Want to Replace US Dollar With BRICS Currencies The Epoch Times
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