A recent report from China’s Global Times reveals that Zhou Yu, an international finance research director at the Shanghai Academy of Social Sciences, believes that the proposed BRICS cross-border currency is a significant step in challenging the dominance of the U.S. dollar. Zhou asserts that the recent initiatives to promote local currency settlement have provided BRICS countries with a competitive advantage in diminishing the influence of the greenback in global trade.
Shanghai Academy Research Director Says BRICS Common Currency Is a ‘Plausible Alternative’ to the Dominant Greenback
The BRICS nations, encompassing Brazil, Russia, India, China, and South Africa, have been actively engaged in discussions concerning the establishment of a cross-border currency. This newly proposed topic will be a focal point of the upcoming leaders’ summit, scheduled to take place in Johannesburg, South Africa, on August 22, 2023.
In an eventful second week of May, Naledi Pandor, the South Afr
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