- Geopolitical tensions and global protectionism are reshaping the world economy.
- Amid geopolitical tensions, the BRICS bloc has called for fundamental reforms to the global economic system.
BRICS is promoting local-currency settlement as a hedge and seeking urgent quota changes and a bigger voice within the global financial system.
1 report, 1 independent
Updated Sep 16
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What happened
BRICS is promoting local-currency settlement as a hedge and seeking urgent quota changes and a bigger voice within the global financial system.
Who's involved
What this event is mainly aboutKeep exploring
The entities involved
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BRICS
association of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates
Related events
- BRICS members are facing shared market exposure to currency devaluation shocks and lack institutional forums.
- BRICS calls for major reforms of Western financial institutions, with India acting as a brake on de-dollarization efforts.
- BRICS is actively working towards increasing international trade by promoting the use of local currencies among its members.
- BRICS nations are accelerating efforts to bypass SWIFT using national currencies and common payment systems to increase influence.
- BRICS and central bank representatives are discussing dedicated financial corridors and testing instant payment platforms using CBDCs.