China’s new payments system threatens US financial leadership
Late to the payments race: the US and its allies try to catch up
BRICS finds a way to thwart the West
It’s easy to shrug off announcements from BRICS, an organization that some view as a geopolitical rival to the US and its allies. Since its first summit in 2009, BRICS hasn’t accomplished much besides increasing membership from four to nine countries (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and United Arab Emirates). But a statement from its 22-24 October 2024 summit in Kazan, Russia expressing interest in an independent cross-border payment system called BRICS Clear is worrisome.
November 24, 2024 |
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