Russia Talks Of BRICS Currency To Take On Dollar
Economic superpowers are stepping up their efforts to break free from US dollar hegemony, raising the possibility of the emergence of a new global order.
A senior Russian official reportedly stated that the BRICS group is aiming to develop its own currency. Brazil, Russia, India, China, and South Africa are the top five emerging economies that make up the BRICS acronym.
Local media reported that Alexander Babakov, the deputy chairman of the State Duma, made the remarks at the St. Petersburg International Economic Forum occasion in New Delhi, India.
The accord will reportedly allow for direct trade and financial operations between China and Brazil, the largest economy in Latin America. Instead of flowing through the dollar, Chinese Yuan will be converted into Brazilian Real and vice versa.
(With inputs from Shikha Singh)
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