The Business Times
business-time-50

Herbert Poenisch

Brics currencies have been mentioned, but a common Brics currency backed by gold was off the agenda at the July Brics summit in Rio de Janeiro.

Brics currencies are no realistic alternative to the US dollar

Discussions about de-dollarisation fall short when it comes to finding a credible replacement

Russia's President Vladimir Putin at the Brics summit in Kazan on Oct 24, 2024.
THE BOTTOM LINE

Brics looks increasingly like a paper tiger

Kazan summit offered nothing new in economics and finance

Beijing hosted the third plenum of the Chinese Communist Party's central committee from July 15-18, 2024. A new policy direction under Xi Jinping's leadership is taking shape. across China.
THE BOTTOM LINE

China looks inward for technology, investment and know-how

Its third plenum heralds major policy shift

The problems that China is facing include the lack of effective demand, the excess capacity in some industries and weak social expectations.
THE BOTTOM LINE

Outlook 2024: China unusually candid about economic challenges

Xi acknowledges difficulties in road to recovery

Brics countries have to resolve a perennial problem – how to move from bilateral to multilateral clearing and to a common currency.
THE BOTTOM LINE

Brics common currency would be no threat to the US dollar

China is not ready to shoulder the burden of a dominant renminbi

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