BRICS in August 2023


BRICS Currency Usage.

In August 2023, the BRICS economic bloc decided to abandon the US dollar for trade settlements.

The move aligns with the BRICS strategy to promote the use of local currencies internationally.

This is basically the same as Australia buying something from the United Kingdom, but agreeing to trade in their own currency, rather than use the US dollar.

BRICS countries are currently:

Brazil
Russia
India
China
South Africa

In some ways, this can be a very sensible idea.

Many Chinese sellers advertise their products in the US Dollar. No matter what country they are selling to.

I would personally prefer to pay in my own local currency, without bringing a 3rd currency into the equation.

Will China change to advertise their products in their own currency?

 


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