11/04/2023
As long as you are willing, I agree to use RMB for quotation and settlement.
The (Brazil, Russia, India, China, and South Africa) nations are looking into the formation of a unified currency for trade among themselves, posing a serious challenge to the US dollar's hegemony in global trade.
In response to Western sanctions, Moscow and Beijing have called for a de-dollarization of their economies. De-dollarization has gained momentum recently, notably since the start of the Russia-Ukraine war last year.
By taking this action, other nations' reliance on the US currency and its economy would decline, which would lessen the negative effects of American political and economic developments on their own economies.
Nations can lessen their susceptibility to interest rate and currency volatility, which can enhance economic stability and lower the likelihood of financial crises.
It's interesting to note that Brazil and Saudi have already started to accept yuan for investments and trade payments. The Rupee-Rouble trade mechanism allows for the settlement of debts in rupees rather than dollars or euros between India and Russia.
With the new currency, the BRICS countries' economies might be stabilized if they move forward with their plan and create a new currency. It would translate into more consumer confidence for investment in the BRICS nations.
