BRICS: China, Russia & India To Replace the US Dollar in Global Trade?
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...