New currency for South Africa, Russia and China in the spotlight this week

South Africa will host the 15th annual BRICS summit this week, with leaders from member nations – and prospective joiners – tabling and discussing several policies and plans for the bloc, including measures to take on the dominant dollar in global trade.

On the BRICS expansion, many countries – at least 22 – are lining up to be included as official members of the bloc. However, current member nations are divided. Given strong trade and investment linkages with the West and crucial trade relations with China, the South African government has struggled to navigate these tensions and communicate a coherent position, the BER said.“An expanded BRICS will represent a diverse group of nations which share a common desire to have a more balanced world order,” Ramaphosa said.

A new currency would also lessen the impact of sanctions, especially after the West imposed sanctions on Russia following its invasion of Ukraine in early 2022.

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