China Declares Support for Massive BRICS Expansion As Countries Push to Challenge US Dollar

MARKET_WATCH Economy

China says it’s fully backing a major expansion of the global economic alliance known as BRICS. The country is ready to “bring more like-minded partners” into BRICS, which currently consists of Brazil, Russia, India, China, and South Africa, says Chinese foreign ministry spokesperson Mao Ning. 

 

The state-backed outlet China Daily says Ning made the statement while commenting on reports that Venezuelan President Nicolas Maduro is pushing to add Venezuela to the group. “As an important platform for cooperation among emerging markets and developing countries, BRICS is committed to upholding multilateralism, vigorously advancing the reform of the global governance system and increasing the representation and say of emerging markets and developing countries.” BRICS has made waves this year amid reports that the bloc is considering whether to launch its own gold-backed currency in an attempt to challenge the US dollar’s status as the world’s reserve currency. 

 

The next BRICS summit is set for August in South Africa, and members say they will discuss an expansion, although it’s not clear whether talks on a common currency are on the agenda. According to BRICS African Ambassador Anil Sooklal, a total of 13 countries have now formally requested to join the group. Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox Check Price Action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check Latest News Headlines Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post China Declares Support for Massive BRICS Expansion As Countries Push to Challenge US Dollar appeared first on The Daily Hodl. 

 

Source : [China Declares Support for Massive BRICS Expansion As Countries Push to Challenge US Dollar](dailyhodl.com/2023/06/09/china-declares-support-for-massive-brics-expansion-as-countries-push-to-challenge-us-dollar/) by Daily Hodl Staff - China Support BRICS•93The Daily Hodl by Daily Hodl Staff / June 11, 2023

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