Home News Finance BRICS: China, Russia Announce New Partnership Deal to foster de-dollarisation plan
FinanceNewsWorld

BRICS: China, Russia Announce New Partnership Deal to foster de-dollarisation plan

503
BRICS: China and Russia Announces New Partnership Deal to foster de-dollarization plan
Source: a2zanimals.com

Following the US sanctions on Russia and China, the BRICS members have announced a new partnership deal aimed at fostering a multipolar world.

Since what both countries called “illegal sanctions” by the US were placed, Russia and China are looking to reshape the global financial system, which heavily depends on US dollars.

This new partnership led Russia’s Foreign Minister, Sergey Lavrov, to meet with Chinese President Xi Jinping on Tuesday to discuss ways to advance the new financial ideals.

Essentially, both countries want to ditch the US dollar while implementing local currencies, which is encouraged in trading.

Therefore, BRICS coordination to create a new global financial market trading based on local currencies against the dollar will help Russia and China avoid the US economic sanctions.

“China has always attached great importance to the development of Sino-Russian relations. And is willing to work with Russia to intensify bilateral communication. Strengthen multilateral strategic coordination in the BRICS group and the SCO. Demonstrate greater responsibility, unite the Global South countries, and promote reform of the global governance system,” Jinping said.

Meanwhile, African countries that have yet to become members of BRICS are increasingly applying to join the multipolar force build-up to hedge against the dollar in global economic trading.

About The Author

Written by
Mayowa Durosinmi

M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

Related Articles

NewsPolitics

CSS States May Boycott UEMOA Over Alleged Obstruction of Power Rotation by President Ouattara

Tensions are rising within the West African Economic and Monetary Union (UEMOA)...

FinanceNews

Cedi@60: Bank of Ghana Vows to Keep Currency Stable, Sustain Economic Stability

The Bank of Ghana (BoG) has reaffirmed its commitment to protecting the...

FinanceNews

Malian Court Jails Former Minister Cissoko Over Presidential Jet Scandal; Others Sentenced in Absentia

The Special Assize Court in Bamako has delivered its long-awaited verdict on...

FinanceNews

Ghana Sets Up Anti-Gold Smuggling Task Force to Recover Billions in Lost Revenue

Ghana has launched a national task force to combat gold smuggling and...