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Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020.
Creating a BRICS currency backed by gold makes no sense, says David Woo.
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China yuan
China's yuan has tumbled in recent weeks.
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dollar bills
The US dollar has soared over the past two months thanks to a barrage of strong economic data.
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A man places a gold bar in a locker in a vault at the precious metals dealer Pro Aurum.
A man places a gold bar in a locker in a vault at the precious metals dealer Pro Aurum.
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Dollar vs. Yuan
Dollar vs. Yuan
Tech Insider : Economy
One Chinese yuan bill lying on top of a US dollar bill.
A larger volume of oil is now being transacted in non-dollar currencies such as the Chinese yuan, JPMorgan said in its report.
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Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a welcome ceremony before Russia - China talks in narrow format at the Kremlin in Moscow, Russia March 21, 2023.
Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a welcome ceremony before Russia - China talks in narrow format at the Kremlin in Moscow, Russia March 21, 2023.
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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 leaders of the BRICS countries at a summit in Johannesburg, South Africa.