The collapse of the Russian ruble and the Chinese yuan shows why a potential BRICS currency is not a threat to the U.S. dollar’s status as the world’s reserve currency, Breitbart Economics Editor John Carney told Fox Business host Larry Kudlow Friday.
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The China-led BRICS trade and security bloc will reportedly discuss reducing their reliance on the U.S. dollar for trade during their upcoming South Africa summit — furthering plans to diminish American influence around the world.
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French President Emmanuel Macron reportedly asked South African President Cyril Ramaphosa to invite him to the BRICS summit in Johannesburg this August, in a June 3 phone conversation that was made public this week.
The core members of BRICS are Brazil, Russia, India, and China, with South Africa added in 2011. The general goal of BRICS is to create an alternative to the G7 that is aligned more closely with the interests of developing nations – a role China still claims, even as it has become one of the world’s largest economies.
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The European Commission has apparently publicly welcomed the end of the American petrodollar, heralding what they describe as a new “multipolar global currency regime”.
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Ahead of the BRICS summit in South Africa, China and Brazil have struck a deal which will see the two emerging economies trade in each others currencies, and not the dollar.
The deal amounts to around $30 billion per year, and is the most significant step the nations have taken to shift the dynamics of global trade away from the dollar.
The BRICS nations (Brazil, Russia, China, India and South Africa) have long sought to change the balance of global trade away form the dollar, which is presently the global reserve currency.
The BRICS summit will also discuss the formation of a new International Development Bank, which they hope will serve as an alternative to the World Bank. The BRICS leaders argue that the establishment of a new development bank would make the global banking system more democratic.