The steady rise of BRICS – the road to the Johannesburg summit
China and Brazil signed an agreement in March on trade in mutual currencies, abandoning the US dollar as an intermediary.
The steady rise of BRICS – the road to the Johannesburg summit
New Age – New Road

The steady rise of BRICS – the road to the Johannesburg summit

Chinese President Xi Jinping, Russian President Vladimir Putin, Brazilia's then President Jair Bolsonaro, India's Prime Minister Narendra Modi and South African President Cyril Ramaphosa in 2019 (Photo: AFP/Mikhail Klimentyev)
21/06/2023 08:00
1. China and Brazil signed an agreement in March on trade in mutual currencies, abandoning the US dollar as an intermediary.

2. The yuan became the most widely-used currency for cross-border transactions in China in March, overtaking the dollar for the first time. Cross-border payments and receipts in yuan rose to a record USD 549.9 billion in March from USD 434.5 billion a month earlier, according to Reuters.

3. BRICS countries are expected to outpace the G7 in terms of their contribution to the world’s economic growth this year, according to the IMF. They will contribute 32.1 per cent of the world’s growth, compared to the G7’s 29.9 per cent.

4. China will be the top contributor to global growth over the next five years, with its share set to be double that of the US, IMF data shows. China’s slice of global GDP is expected to represent 22.6 per cent through 2028, followed by India (12.9) and the USA (11.3).
Graphic: Alexandra Érsek-Csanádi
5. BRICS has surpassed G7 in terms of GDP calculated on purchasing power parity. According to Acorn Macro Consulting, BRICS countries now contribute 31.5 per cent to the global GDP and the G7 30.7 per cent.

6. Argentina will pay for Chinese imports in yuan instead of US dollars in order to preserve its dwindling foreign reserves, Economy Minister Sergio Massa announced.

7. Nineteen countries expressed an interest in joining the BRICS, among them Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain and Indonesia, but also African countries.

8. The idea of the BRICS adopting its own currency is likely to be on the agenda of the meeting of heads of state in Johannesburg on August 22.

9. Saudi Arabia is in talks to join the Shanghai-based New Development Bank, also known as the „BRICS Bank,” Financial Times reported on 28 May.

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