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Geopolitical Economy Report
How can BRICS de-dollarize the financial system?
Oct 29, 2024
Kathleen Tyson, an expert on international monetary systems and former member of the Federal Reserve Bank of New York, joins the conversation to dissect BRICS' bold moves towards de-dollarization. Tyson delves into the implications of local currency trades and critiques the US dollar's dominance. The discussion navigates the potential of Special Drawing Rights as a new reserve currency and explores capital controls as a way to stabilize economies. Could a currency backed by commodities reshape global trade? Join Tyson for insights into this financial paradigm shift.
01:17:54
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Quick takeaways
- BRICS nations are pushing for local currency trade to reduce dependence on the US dollar, effectively enhancing economic security.
- Criticism of global institutions like the IMF highlights the need for a new monetary system that better serves the Global South's interests.
Deep dives
BRICS and Local Currency Trade
The BRICS nations are focusing on increasing local currency trade, with significant progress towards this goal. Currently, over 53% of China’s trade is conducted in yuan, and more than 90% of trade between Russia and China occurs in either yuan or rubles. Additionally, a notable number of countries—from both BRICS and beyond—have committed to local currency trade as a policy measure, with around 80 nations taking steps in this direction in 2023. This movement is underpinned by the desire to mitigate the risks associated with dollar sanctions, highlighting the importance of currency optionality for economic and national security.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode