Kathianne
08-25-2023, 10:10 AM
Brics is gaining steam, being pushed as an answer to G7, but largest goal would be China influence on developing countries, along with devaluing the dollar. The devolving China economy might be a help to US right now:
https://www.wsj.com/world/iran-saudi-arabia-others-invited-to-join-brics-group-239736d8?st=0xoy27erzqgghbk&reflink=desktopwebshare_permalink
Iran, Saudi Arabia, Others Invited to Join Brics GroupExpansion is a victory for Russia and China who want to bolster the bloc against competition from the West
By
Alexandra Wexler
Follow
Updated Aug. 24, 2023 6:20 am ET
JOHANNESBURG—The Brics group of emerging nations has invited six additional countries to join the bloc in an effort to grow its global importance and ability to challenge the West on key political and economic issues.
Saudi Arabia, Egypt, Argentina, Iran, Ethiopia and the United Arab Emirates have been invited to join Brics, which currently comprises Brazil, Russia, India, China and South Africa, the bloc’s leaders said on Thursday, the final day of a summit in Johannesburg.
The expansion of Brics is a victory for Chinese President Xi Jinping and Russia’s Vladimir Putin, who had pushed to grow the bloc in the face of intensifying geopolitical and economic competition with the West. They argued that a bigger club would give the developing world a stronger voice that is more equal to its size.
“Let us work together to write a new chapter of emerging-market countries… working together for development,” Xi said in translated remarks at a news conference at the end of the summit.
...
https://www.wsj.com/articles/a-bank-china-backed-to-challenge-the-dollar-now-needs-the-dollar-d9dc27ee?st=ehls2bp1ezfhiyn&reflink=desktopwebshare_permalink
WORLDA Bank China Built to Challenge the Dollar Now Needs the Dollar
How Russia’s war in Ukraine paralyzed the Brics’s New Development Bank
By
Alexander Saeed
Lingling Wei
Follow
June 16, 2023 7:00 am ET
A development bank China launched with its fellow Brics countries was supposed to reshape international finance. Russia’s invasion of Ukraine now risks turning it into a zombie bank.
Eight years after Chinese leader Xi Jinping and his counterparts from Brazil, Russia, India and South Africa established the New Development Bank, with headquarters in a swanky Shanghai skyscraper, it has all but stopped making new loans and is having trouble raising dollar funds to repay its debts, according to an examination of its finances and interviews with bankers and others familiar with the matter.
The New Development Bank is the lesser-known of two China-based multilateral lenders. Its larger cousin, the Asian Infrastructure Investment Bank, this week landed in the middle of a public-relations crisis after a disgruntled executive accused it of being controlled by members of China’s Communist Party.
Trouble at both banks, as well as at China’s giant Belt and Road infrastructure push, which has seen China spend $1 trillion to expand its influence across Asia, Africa and Latin America, spotlights growing difficulties for Beijing’s strategy to rearrange an international order it considers biased in favor of the West.
Both the AIIB and the New Development Bank were set up in large part to reduce developing countries’ dependence on dollar-based funding—alternatives to the International Monetary Fund that would help finance development in some of the world’s fastest-growing economies.
The AIIB operates on a much larger scale than the New Development Bank, counting many Western countries such as the U.K. and Canada among its more than 100 members. The bank found itself in a political firestorm this week after its Canadian communications chief resigned and accused the bank’s management of being “dominated by the Communist Party,” allegations that the AIIB called baseless. Nonetheless, Canada’s government said it would halt all activity with the bank while it reviews the allegations, and the bank said it would conduct an internal review.
Meanwhile, the Brics’s development bank is fighting for its very survival, threatened by its own reliance on the U.S. currency.
...
https://www.wsj.com/world/iran-saudi-arabia-others-invited-to-join-brics-group-239736d8?st=0xoy27erzqgghbk&reflink=desktopwebshare_permalink
Iran, Saudi Arabia, Others Invited to Join Brics GroupExpansion is a victory for Russia and China who want to bolster the bloc against competition from the West
By
Alexandra Wexler
Follow
Updated Aug. 24, 2023 6:20 am ET
JOHANNESBURG—The Brics group of emerging nations has invited six additional countries to join the bloc in an effort to grow its global importance and ability to challenge the West on key political and economic issues.
Saudi Arabia, Egypt, Argentina, Iran, Ethiopia and the United Arab Emirates have been invited to join Brics, which currently comprises Brazil, Russia, India, China and South Africa, the bloc’s leaders said on Thursday, the final day of a summit in Johannesburg.
The expansion of Brics is a victory for Chinese President Xi Jinping and Russia’s Vladimir Putin, who had pushed to grow the bloc in the face of intensifying geopolitical and economic competition with the West. They argued that a bigger club would give the developing world a stronger voice that is more equal to its size.
“Let us work together to write a new chapter of emerging-market countries… working together for development,” Xi said in translated remarks at a news conference at the end of the summit.
...
https://www.wsj.com/articles/a-bank-china-backed-to-challenge-the-dollar-now-needs-the-dollar-d9dc27ee?st=ehls2bp1ezfhiyn&reflink=desktopwebshare_permalink
WORLDA Bank China Built to Challenge the Dollar Now Needs the Dollar
How Russia’s war in Ukraine paralyzed the Brics’s New Development Bank
By
Alexander Saeed
Lingling Wei
Follow
June 16, 2023 7:00 am ET
A development bank China launched with its fellow Brics countries was supposed to reshape international finance. Russia’s invasion of Ukraine now risks turning it into a zombie bank.
Eight years after Chinese leader Xi Jinping and his counterparts from Brazil, Russia, India and South Africa established the New Development Bank, with headquarters in a swanky Shanghai skyscraper, it has all but stopped making new loans and is having trouble raising dollar funds to repay its debts, according to an examination of its finances and interviews with bankers and others familiar with the matter.
The New Development Bank is the lesser-known of two China-based multilateral lenders. Its larger cousin, the Asian Infrastructure Investment Bank, this week landed in the middle of a public-relations crisis after a disgruntled executive accused it of being controlled by members of China’s Communist Party.
Trouble at both banks, as well as at China’s giant Belt and Road infrastructure push, which has seen China spend $1 trillion to expand its influence across Asia, Africa and Latin America, spotlights growing difficulties for Beijing’s strategy to rearrange an international order it considers biased in favor of the West.
Both the AIIB and the New Development Bank were set up in large part to reduce developing countries’ dependence on dollar-based funding—alternatives to the International Monetary Fund that would help finance development in some of the world’s fastest-growing economies.
The AIIB operates on a much larger scale than the New Development Bank, counting many Western countries such as the U.K. and Canada among its more than 100 members. The bank found itself in a political firestorm this week after its Canadian communications chief resigned and accused the bank’s management of being “dominated by the Communist Party,” allegations that the AIIB called baseless. Nonetheless, Canada’s government said it would halt all activity with the bank while it reviews the allegations, and the bank said it would conduct an internal review.
Meanwhile, the Brics’s development bank is fighting for its very survival, threatened by its own reliance on the U.S. currency.
...