Leaders of Brazil, Russia, India, China and South Africa pose for photo in a BRICS leaders’ meeting that seals the agreement to establish a development bank, Fortaleza, Brazil, Jul. 15, 2014. (File photo/ Xinhua)
Expert says the Chinese renminbi could be an alternative currency to the US dollar for BRICS nations, reports China’s Global Times.
Jayshree Sengupta, a senior fellow at the Observatory Researcher Foundation, said recently that while considering the three-year China-Russia currency swap deal which was signed in 2014, the time will come when the US dollar is abandoned. As China now trades with all member nations of the South Asian Association for Regional Cooperation and the Association of Southeast Asian Nations, the renminbi should one day be powerful enough to match the dollar.
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