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BRICS countries Russia, China, and India are looking to replace the US dollar with local currencies for global trade. China is advancing in convincing other developing countries to ditch the US dollar and settle cross-border transactions in local currencies. The Communist nation has convinced Saudi Arabia, Pakistan, Russia, India, and other African countries to pay the Chinese Yuan and not the US dollar for bilateral trade. Also Read: Argentina Has No Interest in BRICS, Says President’s Top Aide On the other hand, Russia is bypassing US sanctions by selling crude oil at discounted rates to developing nations. BRICS member Russia is asking other countries to settle oil payments in the Chinese Yuan or the Ruble. Additionally, India is signing new trade agreements with the UAE and other countries to pay the Rupee for global trade and not the US dollar. The developments indicate that the three BRICS countries want to put their local currencies first and not the US dollar. So wil...

China’s Commerce Minister Wang Wentao delivered a speech at the BRICS summit on behalf of Chinese President Xi Jinping. Wentao began his speech with a veiled attack on the U.S., claiming that America is obsessed with maintaining its global hegemony. The minister also said that the U.S. is obstructing the growth of other developing countries by forcing them to use the dollar. Wentao stressed that every country has the right to chart its own path, and America must stop containing its growth. Also Read: BRICS : Ending Reliance on the U.S. Dollar Main Agenda of Summit While the commerce minister did not specify the U.S. by name, the target and tone remained clear. “Everything we do is to deliver better lives to our people. But some country obsessed with maintaining its hegemony has gone out of its way to cripple the emerging markets and developing countries,” he said. The Minister added, “Whoever is developing fast, becomes its target of containment. Whoe...

BRICS nation China is on a GOLD accumulation spree by stockpiling the precious metal in the country’s reserves. China raised its GOLD holding by 8.09 tons in April, according to data from the State Administration of Foreign Exchange. Apart from China, the other BRICS nations Brazil, Russia, India, and South Africa are also extending GOLD purchases through their respective Central Banks. Also Read: Europe Might Get Ready To Accept BRICS Currency Source: tradingeconomics.com BRICS: Why Is China Buying Large Amounts of Gold? Source: see.news Reports suggest that the soon-to-be-released BRICS currency could be backed by gold and therefore the bloc of nations is splurging on the metal. China is leading the pack by accumulating massive amounts of gold in both Q1 and Q2 of 2023. China has a total of 2,076 tons of gold accumulated in a year after an increase of 120 tons through March. In April, the reserves grew by another 8.09 tons making the BRICS bloc the top buyer of gold. ...

The capital city of China’s Jiangsu province, Nanjing, has launched a new government-backed metaverse platform. Specifically, the China Metaverse Technology and Application Innovation Platform is set to advance development in the sector across the country. The new program is being headed by the Nanjing University of Information and Science Technology (NUIST). Moreover, an official announcement noted the founding members of the platform. All representing various academic institutions and metaverse -centered companies throughout the county.  JUST IN: China launches government-backed # metaverse platform. — Watcher.Guru (@WatcherGuru) May 24, 2023 China Presents State-Backed Metaverse Platform In a very interesting development for the industry and the country, China launched a government-backed metaverse platform. Moreover, it is set to combine the resources of various academic enterprises and institutions throughout the country. Subsequently, in hopes of more develop...