News and Opinion: July 24, 2022. Russia and China Starting to Develop a New World Reserve Currency

The BRICS countries (Brazil, Russia, India, China and South Africa) are officially working on a new global reserve currency. This currency will be based on a basket of currencies of the BRICS countries, as it has been mentioned by Vladimir Putin, president of the Russian Federation. In addition to this, alternative systems of international payments are being developed, in order not to depend of the Western SWIFT.

This will definitely challenge the status of the dollar as the main world reserve currency. This would have major consequences for the American economy, as the dollar may accelerate its current speed of depreciation.

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This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.