An interim BRICS+ trading currency arrangement

BRICS and the SCO have agreed to replace dollars with national currencies for trade settlement. This article shows how it is leading to the renminbi becoming the reserve currency for members.

The background

There is little doubt in both Russian and Chinese government circles that the dollar is not only declining but could now face an existential crisis. The decline is coming about fuelled by China and Russia progressing with plans to reduce the use of the dollar, not just between themselves but throughout their spheres of influence. Courtesy of the USA, it is no longer being used between China and Russia, a move which has focused minds elsewhere about the US’s weaponisation of its currency.