Syria calls on BRICS to take the lead in dumping the dollar and exploring yuan adoption with China

"Syrian President Assad advocates for BRICS nations to abandon U.S. dollar in international settlements"

Syrian President Bashar Assad has called for the BRICS nations to abandon the U.S. dollar in international settlements and use the Chinese yuan for cross-border trade. Assad made the comments during a meeting with China’s top diplomat for the region, Zhai Jun. He emphasised that the BRICS bloc can play a leading role in adopting the yuan for trade transactions between nations. Assad believes that the entire world needs the Chinese presence, politically and economically, to rebalance the global situation. The BRICS alliance constitutes a strong international space capable of creating an international multipolar order, he added.

Assad’s comments come after his foreign minister recently accused the United States of imposing sanctions on Syria to steal its assets and keep it under its hegemony. The Chinese official assured Bashar Assad that Beijing will continue to support Damascus in international forums and “its battle against hegemony, terrorism and external interference”. Zhai Jun also said that China backs the rapprochement between Syria and the other Arab countries.

China has been quite active in the region and beyond in an attempt to expand the influence of the People’s Republic on the global stage. China initiated talks about the potential enlargement of BRICS and has been trying to promote the use of the yuan in international trade while supporting efforts to reduce dependence on the U.S. currency.

The BRICS nations, comprising Brazil, Russia, India, China and South Africa, have been pushing for a new global currency for years. The group has been trying to reduce its dependence on the U.S. dollar and has been promoting the use of the yuan in international trade. The BRICS New Development Bank was established to provide funding for infrastructure projects in developing countries.

The use of the Chinese yuan in international settlements has been increasing in recent years. The yuan is now the fourth most-used currency in international payments, according to SWIFT. The Chinese government has been promoting the yuan as an alternative to the U.S. dollar, and it has been pushing for the currency to be included in the International Monetary Fund’s Special Drawing Rights basket.

The U.S. dollar has been the dominant currency in international trade and finance for decades. However, the global financial crisis of 2008 and the subsequent quantitative easing policies of the Federal Reserve have led to concerns about the stability of the U.S. dollar. The BRICS nations, along with other countries, have been looking for alternatives to the U.S. dollar to reduce their exposure to the currency.

The use of the yuan in international trade could have significant implications for the global economy. If the yuan were to become a major international currency, it could challenge the dominance of the U.S. dollar and reduce the influence of the United States in the global economy. It could also lead to increased trade between China and other countries, as well as increased investment in China.

The BRICS nations have been trying to increase their influence in the global economy for years. The group has been pushing for reforms to the International Monetary Fund and the World Bank to give greater representation to developing countries. The BRICS New Development Bank was established to provide funding for infrastructure projects in developing countries. The group has also been promoting the use of the yuan in international trade and finance.

In conclusion, the Syrian President’s call for the BRICS nations to abandon the U.S. dollar in international settlements and use the Chinese yuan for cross-border trade highlights the growing importance of the yuan in the global economy. The BRICS nations have been pushing for a new global currency for years, and the use of the yuan in international trade could challenge the dominance of the U.S. dollar and reduce the influence of the United States in the global economy. The Chinese government has been promoting the yuan as an alternative to the U.S. dollar, and it has been pushing for the currency to be included in the International Monetary Fund’s Special Drawing Rights basket.

Martin Reid

Martin Reid

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