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Global Times Sees ’BRICS Currency Plausible Alternative to Dollar Hegemony’
16 May 2023
EIRNS—Global Times featured a report on May 14 on the creation of a BRICS currency for trade purposes. Zhou Yu, director of the Research Center of International Finance at the Shanghai Academy of Social Sciences, told the Global Times that the discussion is likely to be a probing effort by BRICS countries for a long-term goal of a currency unit. “Despite the daunting difficulties such an effort faces, it is not entirely impossible for these nations to have such a currency unit,” Zhou said. The creation of a unified currency for a group of countries usually takes a long time and requires years of cooperation, and eventually means phasing out local currencies, Zhou said, taking the birth of the euro as an example. “However, currently the effort by BRICS nations seems to be focused on devising a currency unit used specifically to settle cross-border trade, rather than a currency unit to replace other local currencies, which reduces the difficulty of such efforts and increases its plausibility,” Zhou concluded. Source: BRICS currency ’plausible alternative’ to dollar hegemony
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