The idea of a Brics currency is looking like a charade
4 months, 1 week ago

The idea of a Brics currency is looking like a charade

Live Mint  

Last month’s Brics summit in Kazan, Russia, was, like all summits, heavy on photo ops. And it yielded a second act that was similarly heavier on symbolism than substance: the release of a report by the Russian finance ministry and central bank on “improvement of the international monetary and financial system," by which Russian officials obviously meant “finding an alternative to the weaponized dollar." In 2009, People’s Bank of China Governor Zhou Xiaochuan suggested replacing dollar reserves with the International Monetary Fund’s Special Drawing Rights. With no Brics equivalent of the European Central Bank, which manages the euro, or of the European Parliament, to which the ECB answers, fundamental questions like who would manage it have remained unanswered. In their Kazan Declaration, summit participants limply “recognized" the role of the Brics grouping in improving the international monetary and financial system, and “took note" of the Russian report.

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History of this topic

BRICS vows ’won’t stop’ de-Dollarization efforts despite Donald Trump’s 100 % tariff warning
1 month ago

BRICS vows ’won’t stop’ de-Dollarization efforts despite Donald Trump’s 100 % tariff warning

Live Mint  

Brazil's President Lula da Silva has said that BRICS is committed to ending US Dollar dominance “no matter what”. The Brazil President was heard saying, "US President Donald Trump's threats of tariffs won't stop the group's determination to seek alternative platforms for payments between member countries." In January, US President Donald Trump had issued a stern warning to BRICS nations, …

‘Say goodbye to America, find another s****r’: Trump threatens 100% tariffs on India, BRICS for ditching US dollar
2 months ago

‘Say goodbye to America, find another s****r’: Trump threatens 100% tariffs on India, BRICS for ditching US dollar

Live Mint  

US President Donald Trump on Thursday cautioned BRICS nations against replacing the US dollar as the reserve currency, reiterating a threat of 100% tariffs he had made shortly after winning the November presidential elections. "We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency …

Trump threatens 'hostile' BRICS against replacing US dollar: Find another sucker
Top News
2 months ago

Trump threatens 'hostile' BRICS against replacing US dollar: Find another sucker

India Today  

US President Donald Trump fired another warning shot at the BRICS bloc, of which India is a part, threatening to impose 100 per cent tariffs if they attempt to replace the US dollar with an alternative currency. "We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS currency, nor back …

Donald Trump warns of 100% tariffs on BRICS & India: Here’s what US President said after inauguration
2 months, 1 week ago

Donald Trump warns of 100% tariffs on BRICS & India: Here’s what US President said after inauguration

Live Mint  

US President Donald Trump on January 20 reiterated to impose 100 per cent import tariffs on the BRICS countries if they took any steps towards cutting the use of the dollar in global trade. “If the BRICS nations want to do that, that's OK, but we're going to put at least a 100 per cent tariff on the business they …

'No proposal to have BRICS currency': Jaishankar reacts to Trump's 100 per cent tariff warning
3 months, 3 weeks ago

'No proposal to have BRICS currency': Jaishankar reacts to Trump's 100 per cent tariff warning

India TV News  

External Affairs Minister Dr S Jaishankar on Saturday said that BRICS countries do not intend to weaken the US dollar and India has never been for de-dollarisation. His statement came in response to US President-elect Donald Trump's recent threats of imposing a 100 per cent tariff if BRICS countries went ahead with plans for a common currency. He threatened the …

Jaishankar responds to claims of Brics undermining US dollar amid Trump's 100% tariff threat
3 months, 3 weeks ago

Jaishankar responds to claims of Brics undermining US dollar amid Trump's 100% tariff threat

Firstpost  

At a recent Brics summit in Kazan, Russia proposed “BRICS Pay,” a payment system akin to SWIFT and India’s Unified Payments Interface. The system aims to facilitate seamless cross-border payments in native currencies like the ruble, yuan, rupee, real, and rand Indian External Affairs Minister S Jaishankar said Brics bloc is not looking to create a rival to the US …

Why is Donald Trump threatening Brics members against de-dollarisation?
Top News
3 months, 4 weeks ago

Why is Donald Trump threatening Brics members against de-dollarisation?

Firstpost  

Donald Trump has demanded that Brics members promise not to create a new currency or support another currency to replace the United States dollar as the world’s reserve currency. Trump has demanded that Brics member nations promise not to create a new currency or support another currency to replace the United States dollar. “We require a commitment from these countries …

Trump Warns BRICS Countries Of 100% Tariffs If They Replace US Dollar
4 months ago

Trump Warns BRICS Countries Of 100% Tariffs If They Replace US Dollar

ABP News  

President-elect Donald Trump on Saturday warned BRICS countries against any move to replace the US dollar and has sought a commitment from the nine-member group that includes India, Russia, China, and Brazil. “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” the president-elect said in a post …

Donald Trump vows 100% tariff on BRICS countries if...: ‘Go find another sucker’
Top News
4 months ago

Donald Trump vows 100% tariff on BRICS countries if...: ‘Go find another sucker’

Live Mint  

US President-elect Donald Trump has vowed 100% tariff on BRICS countries if they make any move to replace the US dollar and sought a commitment from the nine-member group that includes India, Russia, China, and Brazil. Over the past few years a few of its member countries, in particular Russia and China, are seeking an alternative to the US Dollar …

Trump threatens 100% tariff on BRICS countries if they pursue creating new currency
4 months ago

Trump threatens 100% tariff on BRICS countries if they pursue creating new currency

CNN  

CNN — President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency …

BRICS Gathers Pace as Shared Grievances Fuel Diplomatic Talks in Kazan
5 months, 1 week ago

BRICS Gathers Pace as Shared Grievances Fuel Diplomatic Talks in Kazan

Hindustan Times  

BRICS summit shows growing momentum as new members join the group. The summit scored diplomatic wins, with the presence of key leaders signaling a shift in the global economic landscape. While BRICS' track record is mixed, the growing number of members and the increasing focus on trade and finance suggest that the group is gaining traction. However, challenges to overcome, …

BRICS Pay: A New International Payment System for the BRICS Nations
5 months, 1 week ago

BRICS Pay: A New International Payment System for the BRICS Nations

Firstpost  

BRICS Pay is a proposed international payment system for members of the Brics grouping. It would use existing infrastructure in Brics nations – for example the Mir network in Russia and the Unified Payment Interface (UPI) system in India – and use blockchain to validate transactions and ensure efficient payment systems.

Emerging Economies' Payment System: A Historical Necessity for Global Prosperity
5 months, 1 week ago

Emerging Economies' Payment System: A Historical Necessity for Global Prosperity

China Daily  

Emerging economies are set to hold the BRICS summit in Kazan, Russia, to discuss the possibility of expanding the BRICS payment system. The BRICS payment system is a global network of banks that allows countries to make payments to each other without the need for a third party. The system is currently dominated by the Belgium-based Society for Worldwide Interbank …

Stepping up
8 months, 1 week ago

Stepping up

China Daily  

WANG XIAOYING/CHINA DAILY As a prime example of cooperation among emerging economies, the BRICS group has consistently acted on the spirit of openness, inclusiveness, and win-win cooperation, playing a positive role in global industry chain cooperation. The expansion of the BRICS with the five new members of Saudi Arabia, Egypt, the United Arab States, Iran and Ethiopia will have a …

Stepping up
8 months, 1 week ago

Stepping up

China Daily  

WANG XIAOYING/CHINA DAILY As a prime example of cooperation among emerging economies, the BRICS group has consistently acted on the spirit of openness, inclusiveness, and win-win cooperation, playing a positive role in global industry chain cooperation. The expansion of the BRICS with the five new members of Saudi Arabia, Egypt, the United Arab States, Iran and Ethiopia will have a …

BRICS calls for enhanced use of local currencies in trade between member countries
9 months, 3 weeks ago

BRICS calls for enhanced use of local currencies in trade between member countries

The Hindu  

The BRICS ministers of Foreign Affairs met in Russia’s Nizhny Novgorod on June 10 and held a plethora of discussions, including an important one on the enhanced use of local currencies in trade and financial transactions between the BRICS countries. The meeting was the first ministerial meeting following BRICS expansion in 2023 when Egypt, Ethiopia, Iran, Saudi Arabia, and the …

Chinese currency moves closer to fuller usage, internationalization
10 months ago

Chinese currency moves closer to fuller usage, internationalization

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. The renminbi has further emerged as an international currency, with widespread usage of the currency seen in cross-border trade settlements, yet the process still faces prominent challenges of trading partners' reluctance to accept the Chinese currency and policy complexity, a think tank said in a …

De-weaponizing the dollar
1 year, 1 month ago

De-weaponizing the dollar

China Daily  

BRICS is spearheading a new cross-border payment system using digital currencies to break away from Western dominance WANG XIAOYING/CHINA DAILY The United Arab Emirates and China completed the first cross-border payment using the digital dirham on Jan 30. The fact that the most advanced technology for using digital currencies has been created in developing countries illustrates that countries in the …

India watches BRICS’ new members warily because of Chinese influence
1 year, 2 months ago

India watches BRICS’ new members warily because of Chinese influence

Hindustan Times  

“China and India’s disagreement,” noted Hung Tran, non-resident senior fellow at the Atlantic Council’s GeoEconomics Center in an essay, "regarding membership expansion will shape the prospects of aspiring BRICS countries and the organization’s future.’’ Prime Minister Narendra Modi with China's President Xi Jinping. It does not want to lose its influence if the BRICS group admits too many new members …

We have valid reasons to be wary of BRICS expansion
1 year, 7 months ago

We have valid reasons to be wary of BRICS expansion

Live Mint  

BRICS is now BRICS-Plus and within this change lie diverse, multiple incarnations. The declaration at the end of the 15th BRICS summit last week provided clues on how BRICS-Plus would pursue the de-dollarization goal: “We stress the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners. In …

Can BRICS dethrone the US dollar? It’ll be an uphill climb, experts say
1 year, 7 months ago

Can BRICS dethrone the US dollar? It’ll be an uphill climb, experts say

Al Jazeera  

The world’s reserve currency is facing a challenge from Global South countries who want options beyond the greenback. The impetus for Global South countries trying to find an alternative is more a “practical consideration” than a moral one, said Gustavo de Carvalho, a policy analyst on Russia-Africa ties at the South African Institute of International Affairs, as they view the …

Why a common BRICS currency might have to wait
1 year, 7 months ago

Why a common BRICS currency might have to wait

Firstpost  

While all BRICS nations agree on reducing dependence on the US dollar and boosting local currencies for trade, they are yet to find a common ground to develop a Euro-like currency for the bloc. As leaders of Brazil, Russia, India, China and South Africa participate in the talks, the push for a common BRICS currency seems to have been put …

Dollar hegemony prompts BRICS rethink
1 year, 7 months ago

Dollar hegemony prompts BRICS rethink

China Daily  

SHI YU/CHINA DAILY At the ongoing BRICS Summit in Johannesburg, a key topic that has attracted wide attention is the further development of new and complementary reserve currencies and settlement mechanisms. At the end of March, Alexander Babakov, deputy chairman of the Duma, the lower house of the Russian parliament, said the BRICS countries were working on creating a new …

Dollar hegemony prompts BRICS rethink
1 year, 7 months ago

Dollar hegemony prompts BRICS rethink

China Daily  

SHI YU/CHINA DAILY At the ongoing BRICS Summit in Johannesburg, a key topic that has attracted wide attention is the further development of new and complementary reserve currencies and settlement mechanisms. At the end of March, Alexander Babakov, deputy chairman of the Duma, the lower house of the Russian parliament, said the BRICS countries were working on creating a new …

Can BRICS create a new world order?
1 year, 7 months ago

Can BRICS create a new world order?

Al Jazeera  

Dozens of nations want to join the five-nation club. Starting Tuesday, leaders of the group of nations known as the BRICS – Brazil, Russia, India, China and South Africa – are meeting for a three-day summit, which is expected to draw eyeballs from capitals around the world. ‘Voice’ of the Global South In opening remarks at the BRICS foreign ministers …

‘Brics trade focus only on national currencies’
1 year, 7 months ago

‘Brics trade focus only on national currencies’

Live Mint  

Foreign Secretary Vinay Mohan Kwatra on Monday downplayed the possibility of Brics countries developing a common currency. Briefing the media, Kwatra said deliberations among Brazil, Russia, India, China and South Africa have been focused on boosting trade in national currencies instead of on developing a common currency. “The substantive part of trade and economic exchanges and discussions that have been …

Internationalize the rupee while a BRICS currency loses traction
1 year, 8 months ago

Internationalize the rupee while a BRICS currency loses traction

Live Mint  

The BRICS proposal is likely to stay a non-starter but India has opportunities of its own to pursue Earlier this month the Reserve Bank of India released a report on the rupee’s internationalization. The USD has been the world’s de facto reserve currency since 1944, first under its gold-exchange standard and since 1971 in the era of the floating exchange …

Egypt drubs dollar in trade with BRICS nations
1 year, 9 months ago

Egypt drubs dollar in trade with BRICS nations

Firstpost  

The call to ditch dollar in settling overseas trade has been getting louder with more countries joining the league. Egypt has become the latest entrant to shed the US currency in trade with several member states pf the BRICS economic bloc. The group which is scheduled to hold its 15th annual summit in South Africa over August 22-24 are also …

BRICS pitches for using local currencies in international trade
1 year, 9 months ago

BRICS pitches for using local currencies in international trade

India TV News  

Cape Town: The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. The joint statement titled 'The Cape of Good Hope', said ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the …

After the stalled rupee-oil trade with Russia, India should be cautious on BRICS currency
1 year, 10 months ago

After the stalled rupee-oil trade with Russia, India should be cautious on BRICS currency

Firstpost  

On paper, India’s rupee-based oil trade with Russia was historic and also path-breaking for the world at large even more than what the arrival of euro and yuan might have been when they hit the global track. The dichotomy could only accentuate if India were to fall into the trap of joining the BRICS chorus for a currency of its …

Russian finance minister urges BRICS to band together to mitigate economic crisis
2 years, 11 months ago

Russian finance minister urges BRICS to band together to mitigate economic crisis

Firstpost  

Anatoly Siluanov blamed economic sanctions on Russia for ‘destroying the foundation of the existing international monetary and financial system based on the US dollar’ and urged BRICS to rely more on their national currencies in foreign trade Moscow: Russian Finance Minister Anatoly Siluanov said on Saturday that the five BRICS countries could mitigate the backlash of Western sanctions against Russia …

Russia urges BRICS nations to integrate payment systems and cards
2 years, 11 months ago

Russia urges BRICS nations to integrate payment systems and cards

Al Jazeera  

Finance Minister Anton Siluanov says sanctions imposed after Ukraine invasion destroy foundation of existing system based on US dollar. Meanwhile, international payment cards Visa and MasterCard suspended operations in Russia in early March and Russia’s biggest banks have also lost access to the SWIFT global banking messaging system. Russian Finance Minister Anton Siluanov on Friday told a ministerial meeting with …

BRICS Bank to fund inclusive needs of emerging nations: Modi
9 years, 4 months ago

BRICS Bank to fund inclusive needs of emerging nations: Modi

India TV News  

Antalya: India will guide the BRICS nations' USD 50 billion New Development Bank - a rival to the World Bank - to finance "inclusive and responsive" needs of particularly emerging economies, Prime Minister Narendra Modi said today. BRICS nations Brazil, Russia, India, China and South Africa today reviewed the progress made in setting up of the New Development Bank as …

BRICS reaps rewards of closer cooperation
9 years, 8 months ago

BRICS reaps rewards of closer cooperation

China Daily  

Leaders of BRICS countries are meeting starting on Wednesday in Ufa, Russia. Bigger economies The combined economic output last year of Brazil, Russia, India, China and South Africa almost matched the gross domestic product of the United States. "Despite some disappointments in some of the BRIC economies, led by China and India, their collective weight in global GDP continues to …

BRICS becomes important building block of world economy
9 years, 8 months ago

BRICS becomes important building block of world economy

China Daily  

BEIJING - BRICS countries, namely Brazil, Russia, India, China and South Africa, are playing an increasingly important role on the global stage amid a slow recovery of the world economy. Committing to the common prosperity and development of all the countries in the world, the BRICS has become an increasingly important building block of the global economy. Though BRICS economies …

BRICS members hail integration ahead of July forum -India TV News
9 years, 9 months ago

BRICS members hail integration ahead of July forum -India TV News

India TV News  

St. Petersburg: BRICS member states—Brazil, Russia, India, China and South Africa—cheered new integration trends with the announcement of the formation of the BRICS Development Bank, ahead of the group's upcoming forum in July. Vice-Chairman of the Chinese Committee for promotion of international trade Yu Ping declared at a BRICS business conference in St. Petersburg on Thursday that “BRICS is a …

BRICS Bank: Can India contain Chinese moves?
10 years, 7 months ago

BRICS Bank: Can India contain Chinese moves?

Al Jazeera  

With India in loop, critics question whether New Delhi is handing the reins of global finance to neighbouring China. But although India secured the bank’s first presidency, and even as Prime Minister Narendra Modi recently hailed “our capacity to set up global institutions” for development, some government officials have questioned whether they are handing the reins of global finance to …

BRICS to launch World Bank and IMF rivals
10 years, 8 months ago

BRICS to launch World Bank and IMF rivals

Al Jazeera  

Russia and Brazil throw weight behind proposal to rival Western-run institutions, a day before summit in Fortaleza. The leaders of Brazil and Russia have expressed support for a plan to launch a new development bank and emergency reserves fund, an ambitious challenge to the Western-run multilaterals that shape global finances. Brazilian President Dilma Rousseff received Russia’s Vladimir Putin in the …

BRICS may decide on $100 billion fund early 2014: Russia
11 years, 5 months ago

BRICS may decide on $100 billion fund early 2014: Russia

Live Mint  

Washington: The BRICS emerging economies may decide early next year on their $100 billion fund designated to steady currency markets, Russia’s finance minister Anton Siluanov said on Friday, indicating little progress at the group’s meeting in Washington this week. But progress has been slow and the bank with a capital of up to $50 billion is still far from running, …

BRICS to float $100-bn currency pool
11 years, 6 months ago

BRICS to float $100-bn currency pool

India TV News  

New Delhi: New Delhi: BRICS nations on Thursday agreed to set up a $100-billion foreign currency reserve pool to counter the impact of a pull-out by foreign investors due to US Federal Reserve's tapering of quantitative easing programme. Similarly, South Africa would contribute $5 billion.The US Federal Open Market Committee meeting, scheduled for September 17-18, is expected to indicate when …

BRICS bank, a misplaced idea?
12 years ago

BRICS bank, a misplaced idea?

Live Mint  

The fifth summit of the BRICS grouping that begins in Johannesburg on Tuesday has been almost overshadowed by the news that its leaders are expected to make two major announcements for enhancing financial cooperation. The likely areas of focus of the BRICS development bank are still under wraps, but there are indications that the proposed bank could consider funding infrastructure …

China defends BRICS bank move amid dollar discontent
13 years ago

China defends BRICS bank move amid dollar discontent

The Hindu  

Defending the move by the BRICS nations — Brazil, Russia, India, China and South Africa — to set up a bank, China said the developing world had been left with few options, stressing the need for governments to allocate the initial seed money for the initiative. Explaining the need for government money in the initial capitalisation of the Bank, BRICS …

Governments must fund BRICS Bank: China
13 years ago

Governments must fund BRICS Bank: China

The Hindu  

Defending the move by BRICS nations to set up a bank, China said developing world had been left with few options but wants the Governments to allocate the initial seed money. China expects a broad consensus to emerge at the BRICS Ministerial meeting on Wednesday, a day before the summit proper and its Foreign Ministry official Li Kexin is hoping …

BRICS nations make the first move with local currencies
13 years, 11 months ago

BRICS nations make the first move with local currencies

The Hindu  

The BRICS nations inked a pact to use their own currencies instead of the U.S. dollar in issuing credit or grants among each other and pushed for the early conclusion of an India-initiated U.N. comprehensive anti-terror law. “Our designated banks have signed a framework agreement on financial cooperation, which envisages grant of credit in local currencies and cooperation in capital …

BRICS panel to intensify economic links
13 years, 11 months ago

BRICS panel to intensify economic links

The Hindu  

The Economic and Trade Ministers of the BRICS nations have decided to set up a liaison group to intensify cooperation and pledged to oppose trade protectionism. “This consensus indicates a concrete step in institutional building of deepened business cooperation of the BRICS countries,” China Development Bank President Chen Yuan told journalists after the BRICS Economic and Trade Ministers' meeting, which …

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