Brics - Economic co-operation group

Wake me up when influencers are getting paid equivalent of $100k a week in rouble or renminbi to spread disinformation

They can’t even cooperate on the most basic of things, China obviously is not prepared to risk its economy and be cut off from majority of its exports, neither is India and Turkey who want to make best of both worlds, but if ever put in a position of having to choose like China did it won’t go well for Russia and Iran

https://re-russia.net/review/765/

Russian financial market has reached a state of final abnormality! “Re-Russia” reports:

“The final macro-abnormality: by the end of the summer, American sanctions have cut off the Russian financial market not only from the dollar and the euro but also from the yuan.The idea of ​​the Russian authorities to use the yuan as a surrogate reserve currency instead of the dollar and the euro is collapsing under the influence of American sanctions. Having assured at the beginning of the summer that sanctions against the Moscow Currency Exchange would not change the actual state of affairs on the currency market, the Central Bank is now forced to admit that the Russian currency market is segmented and this circumstance affects macroeconomic conditions.

The restrictions imposed this summer on the Moscow Exchange made the yuan circulating there toxic for most foreign banks, including Chinese ones. Russia has an “internal” yuan, which can be used, for example, to hedge currency risks (because the Central Bank recognizes it), but it is almost useless for foreign economic transactions.

Demand for the "domestic" yuan at trades has slumped, and its exchange rate to the dollar and euro differs from the international one.Meanwhile, the interbank market is experiencing an acute crisis of yuan liquidity. Rates on overnight yuan loans first became double-digit, and then triple-digit. The deficit is structural in nature and is unlikely to be overcome in the near future, market participants warn. In general, there are enough yuan in the financial system, but liquidity is concentrated among large players, and those market participants who do not receive currency from exporters will not have enough of it.

Thus, the Russian financial market has reached a state of final abnormality. The solutions found, such as sending payments to China through intermediaries or using cryptocurrencies, are only temporary crutches that are unable to replace market institutions and procedures that increase costs and create imbalances that are fraught with new problems in the future.”

Bunch of countries about to find out why letting China dump on your markets like they done to US and Europe is a recipe for a disaster that will boomerang back onto their economies

Speaking of Pakistan

https://propakistani.pk/2024/10/02/pakistan-signs-first-ever-barter-trade-deal-with-russia/

bartering with mandarins and chickpeas

Perhaps the anti dollar pro bricks brigade who would themselves NOT accept their own salary/pensions in any of the BRICKS currencies explain why none of the BRICKS currencies were used here?