#china #chinanews #brics #russia #india #dedollarization
As a way to do away with its dependence on the US greenback, Russia proposed a “BRICS foreign money plan” as early as two years in the past.
However in truth, the core of this plan is definitely the RMB, as a result of among the many BRICS nations, the RMB has develop into the preferred foreign money, even surpassing the standing of the euro and the US greenback.
Just some days in the past, the brand new BRICS summit kicked off. At this summit, Russia as soon as once more known as on the BRICS nations to strengthen monetary cooperation, particularly to advertise native foreign money settlement, as a way to address the challenges introduced by the US greenback hegemony.
It’s value noting that this proposal has not been acknowledged by all nations, particularly India and South Africa, the earlier rotating presidency, which clearly expressed their rejection and a few totally different opinions. So why is Russia so actively selling the internationalization of the RMB? And why are India and South Africa opposed?
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