BRICS: $260 billion in trade without a single dollar
Mon 29 Apr 2024 – by Luc Jose A., Cointribune
As the American debt’s wild growth of more than 34,600 billion dollars continues to raise concerns, the BRICS deliver another blow to the greenback. China and Russia, two founding countries of the alliance, plan to conduct 260 billion dollars of trade without resorting to a single American dollar. Only Russian ruble, Chinese yuan, and a little bit of euro. Other members of the coalition are expected to follow suit soon. Perceiving the immediacy of the threat, the USA reacts by combining threats and diplomacy.
China and Russia accelerate the BRICS dedollarization plan
The threat of dedollarization of global trade has gone beyond the stage of rhetoric. Determined to dethrone the greenback, China and Russia plan to conduct this year 260 billion dollars of trade without using a single dollar.
The information was conveyed on X by the famous Indian geopolitical analyst S.L. Kanthan, who predicts that this initiative will soon become widespread within the BRICS. Indeed, last year, China and Russia had conducted several official trade transactions in yuan and ruble.
Likewise, Russia has for some time been conducting transactions in yuan with several countries, including Japan, the United Arab Emirates, Singapore, Malaysia, Thailand, the Philippines, Mongolia, and Tajikistan.
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