BRICS ADDS 6 NATIONS: From Currency Talks to Iranian Oil and Gold Reserves .|AsianQuickTake

In this episode, we’re delving into the outcomes of the 15th BRICS (Brazil, Russia, India, China, South Africa) summit, which stirred discussions about a potential “BRICS currency,” often referred to as the “BRICS coin.”

The recent summit marked a significant expansion, inviting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, elevating BRICS from five to eleven nations.

As the BRICS alliance broadens, it could lessen the dominance of the U.S. dollar in global trade. The inclusion of major oil-exporting Middle Eastern nations hints at potential shifts away from the petrodollar, altering international oil trade dynamics.

This move could reshape the energy and commodities market, potentially forming a robust energy alliance that could redefine global energy security. Moreover, the integration of African nations like Ethiopia suggests shifts in global mining and metals markets, aligning with decarbonization strategies.

The expansion of BRICS might not only challenge the U.S. dollar’s dominance but also influence global access to energy resources. With nations like Iran, Saudi Arabia, and the UAE in the fold, BRICS’ collective energy reserves could exceed 60% of the global total.

Economist Chris Hart points out the New Development Bank’s role, steering financial multilateralism. With oil-rich nations joining BRICS, this bank could gain even more significance within the global financial framework. The idea of a new common currency, potentially backed by gold, is gaining traction. This could enhance confidence in the international financial system.

The trend of de-dollarization is evident. Countries like Saudi Arabia and the UAE are divesting from U.S. Treasury bonds. India’s shift to the Chinese yuan and Indian rupee for oil trading indicates active de-dollarization efforts.

Analysts perceive these moves as a challenge to the presumption of U.S. dollar supremacy. With countries like Iran, Saudi Arabia, and the UAE in BRICS, it’s possible that more nations might bypass U.S. restrictions, expanding economic ties.

China’s increased gold reserves and the shift away from the dollar could expedite de-dollarization efforts. This convergence might reshape trade partnerships, particularly within BRICS.

U.S. Treasury Secretary Janet Yellen acknowledges global de-dollarization. China’s potential divestment from U.S. Treasury bonds could lead to substantial gold purchases, potentially surpassing the U.S. in gold reserves.

Countries like China, India, and Saudi Arabia are increasing gold acquisitions, repatriating gold from overseas markets. China alone acquired 792 tons of gold in the first half of this year.

Your opinions matter. Feel free to share your thoughts in the comments below. If you find this content insightful, remember to subscribe and activate notifications for more. Until next time!

💯TOP 3 Video
Swiss Sells $36.4 billion U.S. Treasuries
▶ https://youtu.be/ixOOPeXqCvM

Africa Rejects US’ Blank Check
▶ https://youtu.be/OXVRAJ9m1a8

China to Accelerate Dumping of Up to $800bn U.S. Debt
▶ https://youtu.be/G53zIIqZGOk

━━━━━━━━━━━━━━━━━━━━━
✅ COPYRIGHT DISCLAIMER
Asian Quicktake Doesn’t Fully Own Some of the Materials Compiled in Its Videos. It Belongs to People or Organizations Who Ought to Be Respected.
If Used, It Falls Under the Following Provisions: Copyright Disclaimer Section 107 of the Copyright Act 1976. “Fair Use” is Allowed for Purposes Such As Criticism, Comment, News Reporting, Teaching, Scholarships, and Research.

━━━━━━━━━━━━━━━━━━━━━
✅ If You Are the Owner of the Materials Used in This Video, Let us Know in the Comments or Send a Email to me. We Will Follow Your Request Immediately.

━━━━━━━━━━━━━━━━━━━━━
✅ FINANCIAL DISCLAIMER
This Channel’s Content Should Not Be Interpreted or Construed As Financial Advice. We Are Not, and Do Not Claim to Be, an Attorney, Accountant, or Financial Advisor. This Channel’s Content is Not a Substitute for Financial Advice and is Solely for Entertainment Purposes.

Share on: