BRICS

End Of The US Hegemony Andrew Leung says the world has been dominated by the US since World War II, but the BRICS organization will bring down the US hegemony.

It will be based on a currency basket of the five-nation bloc, according to the Russian president © Getty Images / Jorg Greuel President Vladimir Putin said on Wednesday that the BRICS countries – Brazil, Russia, India, China, and South Africa – are currently working on setting up a new global reserve currency. “The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” he said at the BRICS business forum. According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments. Earlier, the group said it was working on establishing a joint payment network to cut reliance on the Western financial system...

Economic cooperation between Brazil, Russia, India, China, and South Africa has been surging, Chinese customs data shows © Getty Images / Future Publishing / Contributor China’s foreign trade with other BRICS member states amounted to 1.64 trillion yuan ($244 billion) in the first half of the year, up 14.1% in annual terms, according to data from the General Administration of Customs of China (GACC), as cited by the Global Times on Wednesday. The data shows that the value of exports reached 817.18 billion yuan ($121 billion), jumping 20.6%. The value of imports was also up, by 8.3% to 825.82 billion yuan (around $123 billion). GACC spokesperson Li Kuiwen said at a press briefing on Wednesday that China’s trade with other BRICS...