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De-dollarisation gains traction among Brics
(www.khaleejtimes.com)
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this post was submitted on 30 Apr 2024
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It's like an economic visual of Putin's balls in Xi Jinpeng's grip. The other 5%? A blend of rubles and euros.
In essence, BRICS is trying to make the yuan a world reserve currency. That's how they're going to "sanction proof" them selves, by leaning on Chinese economy, and tbh, since a crapton of manufacturing and fabrication already happens in China, it does make a lot of sense.
Perhaps we'll see the return of cold war era economic policies as a result. You can almost hear the liberals (neo or classical, take your pick - they both suck) begrudgingly press the button marked "Protectionism".
In any case, welcome to the CwaaS, or "Cold war as a Service". Smack SWIFT and BRICS together, see what happens.
Western manufacturing and fabrication is already pulling out of China; this action will accelerate that trend. It's also a poor bet due to China's slow motion demographic collapse.
Frankly this could be implemented tomorrow and by the end of 2034 it would be dead; torn apart by internal conflict and China's gradual economic decline.