BRICS: India & China Agree To Ditch US Dollar For Imports
The government of Maldives confirmed that BRICS members India and China have agreed to accept local currencies for imports and ditch the US dollar. Cross-border transactions in local currencies benefit developing countries and strengthen their native economies. Maldives said that India and China will cooperate in facilitating payments for imports in local currencies sidelining the US dollar. The new import trade deal between the three nations falls in line with the BRICS idea of de-dollarization. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: 3 Ways BRICS Currency Will Affect the U.S. Dollar BRICS: Imports Between India, China & Maldives To Be Settled in Local Currency, Not US dollar Source: East Asia Forum The Maldives ’ Economic Development Minister Mohamed Saeed confirmed the development that local currencies will be used for import trade. Both India and China will accept or pay 50% of all im...