Rising BRICS Power: China And Russia Ditch The Dollar, Challenging America's Global Dominance

Written By BlabberBuzz | Friday, 22 December 2023 04:20 PM
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Rising BRICS Power: China And Russia Ditch The Dollar, Challenging America's Global Dominance

The administration of U.S. President Joe Biden is being criticized for perceived weaknesses, with some arguing that it is diminishing both the soft and hard power of the United States. This decline is said to be paving the way for a multipolar world order.

The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, are increasingly asserting their economic power. These countries, which collectively account for 29% of global GDP, a figure that is on the rise, have pledged to dedollarize their trade settlements.

The leading nations of this group, China and Russia, are spearheading this process. A report from WION reveals that "Russia and China have completely abandoned the use of Western currencies, including US Dollar, in their bilateral trade," according to Russian Prime Minister Mikhail Mishustin, who made the statement on December 19.

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Mishustin made these remarks in Beijing during a meeting with his Chinese counterpart Li Qiang at the Russia-China Financial Dialogue forum. He was quoted by Russian media as saying, "We continue to increase the share of national currencies in mutual settlements. If in 2020 this figure was about 20 per cent, then this year we have actually completely gotten rid of the currencies of third countries in mutual settlements."

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Trade between Russia and China has reached $200 billion ahead of schedule, a figure ironically denominated in US dollars. "We are creating comfortable conditions for the work of commercial firms on the Russian and Chinese markets. We have an extensive joint agenda," Mishustin added.

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In addition to abandoning the US dollar in its trade with China, Russia is also encouraging the BRICS organization to enhance financial relations and establish settlement mechanisms within the bloc.

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The BRICS nations are exploring ways to facilitate payments in local currencies among member countries. Russian Finance Minister Anton Siluanov stated, "We need to further develop financial cooperation within the BRICS countries. Here we see opportunities to develop a payments system that would be independent of the infrastructure, which does not always fully fulfill the goals of individual countries."

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