The BRICS summit ended with no new currency and all 5 members issuing differing and contradictory commentary on de-dollarization

Tech Insider : Economy, Politics
President of Brazil Luiz Inacio Lula da Silva, President of China Xi Jinping, South African President Cyril Ramaphosa, Prime Minister of India Narendra Modi and Russia's Foreign Minister Sergei Lavrov pose for a BRICS family photo during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa, on August 23, 2023.
The BRICS summit wrapped up last Thursday with six new members but not a new currency.

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Brazil proposes yuan guarantees in trade with Argentina amid dollar shortage

Tech Insider : Economy
One Chinese yuan bill lying on top of a US dollar bill.
One Chinese yuan bill lying on top of a US dollar bill.

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China's Xi Jinping unexpectedly skipped a speech at a BRICS summit aimed at challenging dollar dominance

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Xi Putin
Russian President Vladimir Putin meets with China's President Xi Jinping at the Kremlin in Moscow on March 21, 2023.

MIKHAIL TERESHCHENKO/SPUTNIK/AFP via Getty Images

Xi and Putin are seeking to expand the alliance of BRICS nations to challenge the global dominance of the US and the dollar

Tech Insider : Politics
Putin/BRICS
Russia's President Vladimir Putin attends an informal meeting of leaders of the BRICS countries via video link in Moscow, on August 22, 2023.

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Putin can't attend the BRICS summit for fear of arrest, but he couldn't pass up taking potshots against the West and the US dollar via tape

Tech Insider : Economy, Politics
Russian President Vladimir Putin speaks to the Brics Business Summit via a prerecorded video on August 22, 2023 in Johannesburg
Russian President Vladimir Putin railed at Western-led sanctions in a prerecorded speech at the BRICS summit.

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China-based BRICS bank aims to de-dollarize debt by expanding local currency lending

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A worker arranges a signboard of the 15th BRICS summit outside the Sandton Convention Center in Johannesburg, South Africa, Aug. 17, 2023. The 15th BRICS summit is to be held in Johannesburg, South Africa, on Aug. 22-24.
A worker arranges a signboard of the 15th BRICS summit outside the Sandton Convention Center in Johannesburg, South Africa, Aug. 17, 2023. The 15th BRICS summit is to be held in Johannesburg, South Africa, on Aug.

Over 40 countries sick and tired of the Western-led world order are clamoring to join a group where China and Russia are members

Tech Insider : Economy, Politics
A worker arranges a signboard of the 15th BRICS summit outside the Sandton Convention Center in Johannesburg, South Africa, Aug. 17, 2023. The 15th BRICS summit is to be held in Johannesburg, South Africa, on Aug. 22-24.
South Africa is hosting the BRICS summit this week.

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India's central bank urges lenders to de-dollarize trade with the UAE using local currencies

Tech Insider : Economy
India rupee money cash
A trader counts new 2,000-rupee notes at a wholesale vegetable market in Bangalore, India

AP Photo/Aijaz Rahi

The idea of a BRICS common currency is almost 'embarrassing', says the economist who named the group

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US dollar notes

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De-dollarization will be a vicious cycle as hyperinflation leads to higher rates that will further erode the greenback's power, think tank says

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FILE PHOTO: An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam May 16, 2016. REUTERS/Kham
FILE PHOTO: An employee of a bank counts US dollar notes at a branch in Hanoi

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