BRICS‑backed payments network now spans 185 countries.

Cryptopolitan ^ | 21 Nov 25 | Jai Hamid

[delta7]

China’s CIPS payment system now operates in 185 countries, enabling yuan-based trade outside the dollar.

52 trillion yuan in transactions were settled through CIPS in 2023, covering 58% of China’s cross-border flows.

BRICS launched a yuan-pegged stablecoin and plans rupee bonds to expand use of local currencies.

The BRICS-linked Cross-Border Interbank Payments System (CIPS) has expanded across 185 countries, allowing international payments in Chinese yuan without using the U.S. dollar, according to data from the New Development Bank (NDB).

CIPS was launched by China and managed by its central bank as “a real alternative for global trade settlements.”

At the Shanghai Oil and Gas Exchange, liquefied natural gas contracts are now priced for and paid in yuan. Same thing with soybeans from the Shenzhen Qianhai Joint Trading Center.

China has allegedly already signed 40 settlement agreements with other countries, with total settlements through CIPS hitting 52 trillion yuan earlier this year, equal to 58% of China’s total cross-border transactions, a figure that tops the dollar in some measures.

Trade between China and Russia has been settled in local currencies for three straight years, covering 95% of their total trade volume. Still, not every country has joined the yuan system.

Europe, North America, and Australia have kept their distance, while developing economies in Africa, Asia, and Eastern Europe are using CIPS more frequently, especially for Belt and Road Initiative (BRI) loan repayments.

China expands yuan use through CIPS and new stablecoin

Meanwhile, US president Donald Trump has rejected neoliberal globalization, saying it will restore American dominance. His policies have isolated Washington’s allies and left the European Union struggling....

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TOPICS:
KEYWORDS: brics

[delta7]

No denying Wealth is moving from the West to the East. All thanks go to senile Joe for weaponizing the USD, and seizing Russia's assets.

All Sovereign nations have taken note, and it appears there is nothing President Trump can do to stop it.

[butlerweave]

China’s and the Greatest Ponzi scheme ever

[delta7]

The US stole a sovereign nations wealth fund...it sank the US. Many foreign ministers have stated this, no wonder the world is dumping our Treasuries ( debt instruments) ....thanks Joe.

[Zhang Fei]

This is mainly for sanctioned countries like Russia, Iran and Venezuela. The problem with a currency like the yuan is capital controls. An international currency with these controls is a contradiction in terms. Mark Mobius, a legend in emerging markets mutual funds, had trouble getting his money out of China. People large sums in yuan want to switch out of the currency immediately.

[Zhang Fei]

[The US stole a sovereign nations wealth fund...it sank the US. Many foreign ministers have stated this, no wonder the world is dumping our Treasuries ( debt instruments) ....thanks Joe.]

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When the mullahs took over Iran, the US froze Iran’s funds. The Russia freeze is old hat. It will get its money back when normal ties are restored.

[CandyFloss]

Delta7/Armstrong:

"No denying Wealth is moving from the West to the East."

LOL—says the felon forecaster who's spent 15 years peddling the exact same East-rising myth, with zero verifiable hits.

Remember your October 15, 2010 "landmark" call? (Public service):

China new Financial Capitol of the World by 2015.75

Two decades later, still waiting on that Beijing bailout.

[Zhang Fei]

[The US stole a sovereign nations wealth fund...it sank the US. Many foreign ministers have stated this, no wonder the world is dumping our Treasuries ( debt instruments) ....thanks Joe.]

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As rates rise, bonds fall in price. So many sold, waiting for prices to improve. Now that the Fed is cutting rates, buyers are coming back in, offset by China selling hand over fist in preparation for Taiwan, and maybe more.

Note that no one expected either Pearl Harbor, or a Japanese lunge for Australia. Japan had a very thin record of expansion, established less than 50 years prior, with the addition of Korea and Formosa (aka Taiwan). Whereas China has a long record of empire-building, interrupted only by 2 centuries of weakness, from its start millennia earlier as a village on the Yellow River. But just prior to its 19th century weakness, the ruling house had doubled the size of the Ming empire it defeated.

[Jonty30]

Not just Joe. The process started in 1980, when America stopped being a creditor nation.

America and Canada had until about 2005 to fix their finances without pain. Now, there will be a lot of pain. The longer it takes us to start, the more paid we will have to go through to fix it.

[kiryandil]

IACF

IABBCCGF

[Rockingham]

Sure. Why not trust a yuan currency mechanism and having your their transaction ledgers controlled by China?

[fireman15]

This will be the most consequential result of the Biden administration’s $Multi-Billion dollar foreign policy debacle which resulted in hostilities in Ukraine. It never would have happened if President Trump had not been cheated in the 2020 election.

[AAABEST]

Jackasses will blame BRICS, but the dollar isn’t a safe haven anymore. It once was “almighty,” until we weaponized and devalued it with outrageous spending on warmaking and socialism.

Even doctors and PLUMBERS don’t want dollars, unless it’s lots and lots of them. Who can blame foreign investors for running away from it? I don’t want dollars, and get them out of the bank into something real as soon as possible.

Instead of getting mad at BRICS, dummies should start turning dollars into hard assets, becoming self sufficient and getting ready for MUCH less buying power, or even possible systemic failure.

Lowering tariffs on bananas won’t help much.