Brics nations divide on US dollar replacement, with India declaring ‘no interest’
India has no intention of undermining the US dollar, viewing it as a source of international economic stability, according to Indian Foreign Minister Subrahmanyam Jaishankar. He stated that India "has never had a problem" with the dollar's role and has no plans to replace it as the world's dominant currency. This stance comes amid discussions within the Brics nations about alternative payment systems.
Jaishankar's comments follow warnings from the US against efforts by Brics nations to create a payment system that could challenge the dollar's dominance. While China has been promoting the yuan as an alternative since the 2008 financial crisis, its adoption in global trade settlements remains limited compared to the dollar, despite growing calls within some Brics countries to reduce reliance on the US currency.
via SCMP Full Text Feed
India has no intention of undermining the US dollar, viewing it as a source of international economic stability, according to Indian Foreign Minister Subrahmanyam Jaishankar. He stated that India "has never had a problem" with the dollar's role and has no plans to replace it as the world's dominant currency. This stance comes amid discussions within the Brics nations about alternative payment systems.
Jaishankar's comments follow warnings from the US against efforts by Brics nations to create a payment system that could challenge the dollar's dominance. While China has been promoting the yuan as an alternative since the 2008 financial crisis, its adoption in global trade settlements remains limited compared to the dollar, despite growing calls within some Brics countries to reduce reliance on the US currency.
via SCMP Full Text Feed
