this post was submitted on 02 Oct 2023
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It's also very good for Xi Jinpeng. The central kingdom shall rise again.
That's kinda orientalist.
Dedollarization is good for China, but they're hardly some kind of mystical asiatic kingdom.
I was being facetious.
Besides, BRICS is probably going to default to Yuans. Like would you pay in Brazilian pesos, Russian Rubles or Indian whatever the heck that currency/economy is?
I don't believe they'll conclude that dealing with 5 or more currencies at the same time as being effective, especially when said currencies come from dumpsterfire economies.
I can also tell you that they will not be going for the EURO, and with all the debt to China... where does that lead them?
Trade cannot stop. That was the point of SWIFT and that is the point of BRICS.
But now I'm being presumptuous, which one is want to do on the internet.
Hypothetically it might make sense to pay pesos for Brazilian seed oil and rubles for Russian fossil fuel, as this would ensure no trade deficits exist between countries, but China is so much more productive than the rest of them that it might just default to Yuan. I'm still optimistic about the possibility of trade in national currencies, though.