The Business Times

Herbert Poenisch

Leaders of the BRICS group attend a meeting during the BRICS Summit in Rio de Janeiro, Brazil July 7, 2025. REUTERS/Ricardo Moraes

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

epa11485491 People riding bicycles and electric scooters wait at a traffic light in Beijing, China, 18 July 2024. Beijing hosted the third plenum of the Chinese Communist Party's central committee from 15 to 18 July 2024. EPA-EFE/ANDRES MARTINEZ CASARES
THE BOTTOM LINE

China looks inward for technology, investment and know-how

Its third plenum heralds major policy shift

The difficulties that China faces includes 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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