China Throws Weight Behind BRICS’ Ambitious Plan to Dethrone the US Dollar
Chinese foreign ministry spokesperson Mao Ning confirms China’s full support for a significant expansion of the global economic alliance, BRICS. China is eager to include more like-minded partners in BRICS, which presently consists of Brazil, Russia, India, China, and South Africa. The state-backed outlet China Daily reports that Mao Ning’s statement comes in response to Venezuelan President Nicolas Maduro’s interest in joining the group.
BRICS serves as an essential platform for cooperation among emerging markets and developing countries, committed to upholding multilateralism, advancing global governance system reform, and amplifying the representation and influence of emerging markets and developing nations. Recent reports have highlighted the possibility of the bloc launching a gold-backed currency to challenge the US dollar’s status as the world’s reserve currency. The upcoming BRICS summit scheduled for August in South Africa will feature discussions on expansion, although the inclusion of talks on a common currency remains uncertain. Currently, 13 countries have formally requested to join the group, according to BRICS African Ambassador Anil Sooklal.
Clever Robot News Desk 12th June 2023