Xi Jinping wants to turn the yuan into a global currency. Yellowed documents from the days of the Cultural Revolution show that China already claimed to achieve this in 1969. However, the latest attempt will probably not succeed either.
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The opposition of the BRICS to the US-led policy of the West is so strong that they have pledged full support to Vladimir Putin for the next summit in Russia. They have also announced which countries will soon expand the group of emerging economies.
By Redaktion Table
Apart from the enlargement, the departure from the dollar as the global currency was a major topic at the BRICS summit. Parallel to the summit, Brazil's former president Dilma Rousseff gave first insights into these plans. Rousseff heads the New Development Bank in Shanghai – and thus, the future BRICS central bank.
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The President of the Federation of German Industries (BDI), Siegfried Russwurm, does not believe in decoupling from China. In an interview by Stefan Braun, he nevertheless urges companies to take a closer look at the risks.
By Redaktion Table
