this post was submitted on 02 Oct 2023
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[โ€“] [email protected] 56 points 1 year ago* (last edited 1 year ago) (4 children)

Disinformation. BRICS and ASEAN are not ditching the dollar and definitely not this year. ASEAN agreed to promote local currencies and reduce reliance on the US dollar, not to ditch it.^1^ BRICS is definitely not ditching the dollar as well. There was no consensus in the BRICS summit. Brazil wanted a common BRICS currency, Russia, China and South Africa wanted to promote local currencies instead, and India is less enthusiastic about dethroning the dollar.^2^

Sources:

^1^ https://www.aseanbriefing.com/news/asean-finance-ministers-and-central-banks-consider-dropping-us-dollar-euro-and-yen-indonesia-calls-for-phasing-out-visa-and-mastercard/

^2^ https://markets.businessinsider.com/news/currencies/dedollarization-china-india-russia-leaders-brics-summit-yuan-rupee-2023-8 and https://www.reuters.com/markets/currencies/what-is-brics-currency-could-one-be-adopted-2023-08-23/

EDIT: forgot the footnote

[โ€“] [email protected] 9 points 1 year ago

Glad you exist

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