The U.S. dollar was rapidly losing its status as the world’s reserve currency Tuesday after five leading emerging economies, Brazil, Russia, India, China and South Africa (BRICS), agreed to work on a new global currency, Worthy News monitored.
In the East, however, security and economy-focused blocs led by Beijing and Moscow are looking to take on new members of their own, including Iran and Saudi Arabia, two influential Middle Eastern rivals whose interest in shoring up cooperation on this new front could have a significant impact on global geopolitical balance.
Russia says it wants to develop a new global reserve currency with China and “other BRICS nations,” in a significant challenge to the dominance of the U.S. dollar.
Chinese President Xi Jinping and Russia’s Vladimir Putin expressed solidarity during the BRICS Summit in Brazil this week, resuming a policy of closer cooperation marking the 70th anniversary of diplomatic ties.
Members of the BRICS group of nations said Thursday that they are committed to implementing the Paris climate agreement and there cannot be a military solution to Syria’s conflict.
Russian President Vladimir Putin warned on Friday that the tense standoff between North Korea and the United States was on the verge of large-scale conflict and said it was a mistake to try to pressure Pyongyang over its nuclear missile program.
Brazil, Russia, India, China and South Africa — the BRICS nations — will launch their own version of the World Bank this week.
The BRICS nations are setting up a $100-billion fund to steady currency markets, as well as a development bank.
Russia and China will meet to continue negotiations of its ruble-yuan swap deal next week, in its quest to end the dominance of the dollar, the Voice of Russia reported.