An economist has shared her analysis of how a common BRICS currency could compete with the U.S. dollar. “You need foreign exchange reserves and you need the trust of the investment community,” she explained, noting that the only country in the BRICS economic bloc to carry such a reserve currency was China. Economist on Chinese Yuan and Reserve Currency The chief economist of South African financial services firm Nedbank, Nicky Weimar, discussed how a common BRICS currency could challenge the U.S. dollar’s hegemony last week, Independent Online reported. The BRICS group comprises Brazil, Russia, India, China, and South Africa. Noting that the economic bloc seeks to create a reserve currency on par with the U.S. dollar and reduce its dependency on the USD, Weimar emphasized that to achieve this goal: You need foreign exchange reserves and you need the trust of the investment community. The economist explained that the U.S. dollar became the global reserve currency due to the bac
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