checks USD exchange rates
Yep it's still the only currency that matters.
Checks Indian-Chinese relations
Yep they still have effective visa bans against each other.
So what is this BRICS club exactly? A dictionary club?
replies(6):
Yep it's still the only currency that matters.
Checks Indian-Chinese relations
Yep they still have effective visa bans against each other.
So what is this BRICS club exactly? A dictionary club?
That's what the US govt thought when it sanctioned Russia. It only resulted in Russia falling back to their local currency without any significant problems, while making the rest of the world wary of reliance on the US dollar
It took until May of this year—over 2 years from first sanctions—for the yuan to hit top currency on the Moscow Exchange [1].
Of course sanctions hurt both America and Russia. But they hurt Russia more. Within a year, it will be a total suzerainty of China’s, a dynamic that’s beginning to become apparent in the concessions the latter is already demanding on resource pricing [2].
[1] https://www.cnn.com/2024/06/13/investing/us-russia-sanctions...
[2] https://www.ft.com/content/f7a34e3e-bce9-4db9-ac49-a092f382c...