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Well, they are going to be doing the brics thing soon.
When will that get announced?
you shouldn't expect them to proclaim their own currency at this point. but they have been hinting for months that there will be joint bilateral actions, a settlement system that will include gold etc etc. i think the direction is clear, a further de-dollarization ofthe brics
They will be backing up their own currency with gold, not brics.
China will put in 10 billion USD, or the equivalent in their currency.
So in fact, brics isnt backed up by gold...
I've been hearing about the BRICS for so long... I wonder when it will be a reality
Their meeting should be coming up soon, right?
Yep. This summer.
Thanks both for the info.
Depending on all the members economies, it will be an interesting meeting.
They just have to make sure that it does not depreciate faster than other leading currencies such as the euro or the yen.