BRICS conducts $260 billion worth of trade without #US dollar

The #BRICS countries aim to eliminate the US dollar from all global trade and transactions by 2024. The bloc's goal is to put local currencies above the US dollar to strengthen domestic economies and businesses. The alliance is also urging other developing countries to follow suit and make payments for cross-border transactions in local currencies.

#Dedollarization is in full swing.
#Economy

BRICS Dropping US Dollar, Working on New Reserve Currency: #Brazil's Lula | August 24, 2023:

"The #BRICS economic alliance plans to abandon the U.S. dollar in trade settlements and develop a new reserve currency while promoting the use of local currencies, Brazil's president said at the bloc's 15th annual summit in #Johannesburg, #SouthAfrica.

Brazilian President Luiz Inacio #Lula da Silva championed a medium- to long-term objective of creating a new reserve currency to fight against the U.S. dollar hegemony. Until then, the coalition will encourage the further utilization of members' national currencies in bilateral trade.

"The creation of a currency for commercial transactions and investments between BRICS members increases our payment conditions and reduces our vulnerabilities," Mr. Lula stated before the summit audience, adding that developing nations should be hit with higher interest rates than what affluent countries experience.

The best mechanism, he noted, is to bolster liquidity, increase favorable financing terms, and abolish conditionalities, suggesting that the “structural readjustment” is an indictment of the policies presented by the International Monetary Fund ( #IMF) and the #WorldBank.

"The multilateral trading system must be revitalized so that it returns to acting as a tool for fair, predictable, equitable, and non-discriminatory trade," he said."

#Geoeconomics #Economy #Dedollarization #Politics

https://www.theepochtimes.com/article/brazils-lula-confirms-brics-dumping-us-dollar-as-bloc-expands-5480132?utm_medium=Social&utm_source=telegram

BRICS Dropping US Dollar, Working on New Reserve Currency: Brazil's Lula

The BRICS bloc will dump the U.S. dollar in trade settlements and bolster the use of local currencies in bilateral trade.

The #yuan was used in 49% of #China's cross-border transactions last quarter, topping the dollar for the first time, a Nikkei analysis shows, mainly due to a more open capital market and more yuan-based trade with #Russia.

#deDollarization #economy
https://asia.nikkei.com/Business/Markets/Currencies/Yuan-exceeds-dollar-in-China-s-bilateral-trade-for-first-time

Yuan exceeds dollar in China's bilateral trade for first time

April-June figure driven by capital market liberalization and Russian trade

Richard Wolff ~ The Changing World Economy

https://invidious.lunar.icu/watch?v=WcI4XQA5nzA

#richardwolff #wolff #global-capitalism #world #economy #integrated #planet #china #peacemaker #peace #brics #g7 #dedollarization #us

Global Capitalism: The Changing World Economy [May 2023]

Global Capitalism Richard D. Wolff Wednesday, May 31, 2023 at 7:30 PM Because of Covid affecting Richard Wolff as well as some internal reorganization at Democracy at Work (d@w), we had to postpone the original May 10 date for this presentation...

BRICS: 19 countries applied to join the BRICS bloc ahead of the next BRICS summit.

Currently, the #BRICS contribute more to global economic growth than the G7.

Now, countries like #SaudiArabia, United Arab Emirates and #Iran are showing interest in joining the geopolitical bloc.

#Economy #Politics #Dedollarization #Geopolitics #Russia #India #Brazil #China