How to build Brics without greenbacks
Five-nation bloc explores ways to reduce clout of Uncle Sam’s currency in their economies
04 June 2023 - 07:38
As Brics foreign ministers met in Cape Town this week, high on the agenda was how to lessen the dollar’s domination of their economies.
Spooked by the freezing of billions of dollars of Russia’s gold and foreign exchange reserves for invading Ukraine, as well as the heightened tensions between China and the West, countries of the Global South are seeking ways of reducing dependence on the dollar as a reserve currency and medium of trade. ..
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