De-Dollarization Not on BRICS Summit’s Agenda, According to South African Representative
The upcoming BRICS summit will focus on increasing trade in local currencies and exploring the possibility of a joint currency, but it will not discuss replacing the U.S. dollar as the global currency. Here are the key points:
- Trading in local currencies is a priority for BRICS.
- BRICS is not calling for de-dollarization.
- The dollar will continue to be a major global currency.
- BRICS aims to deepen trade in national currencies.
- The NDB plans to increase lending in domestic currencies.
During the summit, BRICS will mainly focus on expanding its membership. There is a general consensus that BRICS needs to expand, and rules of procedure and criteria have been worked out. BRICS aims to promote the interests of the developing world and build a more inclusive global architecture.
Hot Take: The BRICS summit will prioritize increasing trade in local currencies and explore the possibility of a joint currency. However, it will not discuss replacing the U.S. dollar as the global currency. BRICS aims to expand its membership and promote the interests of the developing world.
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