| The BRICS countries are keen to start using their local currencies for mutual settlements. At the seventh BRICS Summit in Ufa, Russia, there were suggestions from the host that almost 50 per cent of intra-BRICS trading could be invoiced in yuan, the leading currency in the group.
The idea has been discussed at BRICS Summits for at least four years now. It is definitely a great political statement, particularly at a time when the Bretton Woods institutions — International Monetary Fund (IMF, or just the ‘Fund’) and International Bank for Reconstruction and Development (World Bank, or just the ‘Bank’) — have failed to react to the increasingly louder voices of developing countries in a rapidly changing global economic order. ..............................................Full Article: Source
|