BRICS 2024 Summit: New Payment System | What you need to know

BRICS 2024 Summit could mark the end of the US Dollar. At this meeting they will provide the dedollarization roadmap and New BRICS Payment System

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Going into this summit, China seems very certain of the US dollar crash that it has so far made a 100 billion dollar short against the US dollar. Russia taking the chair of BRICS summit in 2024 and we can be sure that ditching the dollar will be the top agenda in this year's summit.

As of mid-2024, the dollar’s share in global foreign reserves has fallen to 59%, marking its lowest point in 25 years. This is a notable decrease from its peak of 71% in the year 2000, indicating that the world is beginning to look toward alternatives.

In 2020, the cross-border use of the yuan, including payments and receipts, reached 28.39 trillion yuan marking a 44.3% year-on-year increase. By 2022, China's foreign trade value was 42.07 trillion yuan, with exports at 23.97 trillion yuan and imports at 18.1 trillion yuan

And so far in 2024, it has been involved in 7% of all forex trades surpassing the Swiss franc, Australian dollar, and Canadian dollar in market share. The yuan has also seen a rise in its share of global payments. For instance, a significant portion of China and Russia's $240 billion trade in 2023 was settled in yuan or rubles.

While the euro and the Chinese yuan have emerged as contenders, they have not yet achieved the same level of global trust or liquidity as the dollar.

The Brics bloc is developing a BRICS Blockchain payment solution, known as the BRICS Bridge, a multi sided payment platform, that aims to connect the financial networks of member countries, facilitating settlements through central bank digital currencies or CBDCs rather than a common currency

Using Central Bank Digital Currency each BRICS nation can maintain control over its monetary policy and avoid becoming economically dependent on any other country.
#economics #BRICS #news
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