BRICS: China Gives Update on Alliance Payment System Plans

Joshua Ramos
BRICS China Xi Jinping
Source: chinaobservers.eu

The BRICS alliance has recently announced an impending independent payment system. The development will allow the collective to further institute international trade settlements without the need for the US dollar. Subsequently, China has recently discussed the BRICS activity while giving an update on the plans.

Specifically, China’s Foreign Minister, Mang Yi, has recently discussed the alliance’s current position. Moreover, he notes that the bloc must continue its role in the global economy to combat the weaponization of Western currencies. Subsequently, he discussed the necessity of the ongoing BRICS project, which could do just that.

brics leaders
Source: Reuters

Also Read: BRICS Alliance Set to Make Big Announcements at Summit

China Discusses BRICS Role and Impending Payment System

Over the last several years, the BRICS alliance has sought to facilitate a multipolar world. Indeed, the group has continually challenged the Western-dominated economy while observing ways to increase a global shift toward greater competition and participation.

The most poignant effort is now coming to fruition, with the BRICS bloc announcing the development of its own independent payment system. Specifically, they are hard at work creating a system that will allow the nations to curtail the US dollar in all unilateral trade settlements.

China has recently discussed these efforts, with Foreign Minister Mang Yi noting the necessity for the bloc to increase its global role. When speaking about Western sanctions the country is facing, Reuters reported Yi’s remarks that BRICS is developing a “new multilateral cooperation mechanism” that will drive emerging markets.

brics new development bank ndb
Source: NDB

Also Read: BRICS: US Economist Warns ‘Worse Stock Market Crash’ in 2 Years

This is likely directly connected to the recently announced payment system. Moreover, it further solidifies the collaboration and unified focus of the bloc. Currently, details are limited, with more news predicted to take place at the BRICS 2024 summit.

Conversely, the bloc is reportedly also developing its native currency. For the last two years, this goal has been ongoing for the collective. Specifically, they have sought a trade currency that will complement native currency trade. Furthermore, this would provide even more avenues to institute dollarless transactions between member nations.