BRICS+ nations explore using local currencies in trade to reduce reliance on US dollar and euro.

The BRICS+ countries are exploring ways to increase the use of local currencies in trade, reducing reliance on the US dollar and euro. This shift aims to lower transaction costs and reduce dependence on foreign currencies. While creating alternatives like BRICS+ Clear and China's Cross-border Inter-bank Payment System, the plan faces challenges such as low international demand for local currencies and the risk of system fragmentation.

November 25, 2024
10 Articles