by Christian K. Caruzo, Breitbart:
The China-led BRICS trade and security bloc will reportedly discuss reducing their reliance on the U.S. dollar for trade during their upcoming South Africa summit — furthering plans to diminish American influence around the world.
The coalition — made up of Brazil, Russia, India, China, and South Africa — will convene on August 22-24 in Johannesburg. The bloc has been seeking to reduce its reliance on the U.S. dollar for more than a decade, succeeding marginally more in those efforts after America and the European Union imposed economic sanctions on Russia in 2022 following its invasion of Ukraine.
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Chinese President Xi Jinping, center left, and Russian President Vladimir Putin, center right, enter a hall for talks in the Kremlin in Moscow, Russia, June 5, 2019. (Alexander Zemlianichenko/AP)
The subject of conducting trade with their respective local currencies in favor of the dollar will be among the main topics of the bloc’s agenda. Although BRICS leaders have mulled creating a new currency for the trade bloc, that idea has made little progress, reports indicate, as replacing the dollar with the Chinese yuan or Russian ruble has proven more viable, according to former White House economist Jo Sullivan.
“It [de-dollarization] might work this time because their [BRICS] ambition for an actual currency seems to have scaled down,” Sullivan told the Saudi Al Arabiya television channel on Tuesday. “It is no more this fanciable notion of a shared currency like the Euro, instead they seem to be focusing more on the use of the currency in international trade, which is why it is more seriously a viable possibility.”
