Hey there! Have you heard about BRICS? 🧐 BRICS stands for Brazil, Russia, India, China, and South Africa. These countries are big players in the world and they work together on many things.
This year, Brazil is hosting the BRICS meetings. Something exciting is happening! Brazil and China are starting to trade without using the US dollar. 🤯
Usually, countries trade using US dollars. But now, one Brazilian bank owned by China is using China’s Cross-Border Interbank Payment System, or CIPS for short, to trade between the two countries. That’s a fancy way of saying they are using their own system to send money between banks. 🏦💱
CIPS is a network that connects over 1,300 financial institutions in 110 countries! That’s a lot of banks and countries working together. 🌍
By using CIPS, Brazil and China can trade without changing their money into US dollars first. This makes trading faster and cheaper. 🚀💰
Many BRICS countries are exploring new ways to trade. Who knows, maybe someday more countries will join in! 🤔
Isn’t it interesting how the world of money and trade is changing? What do you think about it? 💭
Reference(s):
cgtn.com
