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India says no to BRICS currency: Trump effect or China conflict?
India rejects BRICS currency, calls it "impossible". Modi government continues to support US dollar to ensure its dominance.
India says no to BRICS currency: Trump effect or China conflict?
India shocks with a clear announcement: "BRICS currency? Absolutely impossible!" The Modi government is making short work of it and reaffirming its loyalty to the US dollar. Surprise here: No plan for a common currency with China. In a dramatic twist, India's Commerce Minister Piyush Goyal said at a news conference in New Delhi, "It is unthinkable to share a currency with China." These words could inflame tempers, not only in Beijing but also among other BRICS members.
China remains committed to developing a new BRICS currency with Russia and Iran despite India's opposition. While China wants to transform the world of trade, India remains at a distance. A calculated move that will certainly not go unnoticed in the big game of global monetary dominance. India wants to strengthen ties with the US and only engage in local currencies when it makes strategic sense, a move that has proven successful after Trump's tariffs against other nations, as watcher.guru reports.
The question also remains: Will China, Russia and Iran continue to hold on to their dream of a BRICS currency? The countdown to “de-dollarization” is ticking, and the financial market is watching the showdown like a hawk. It will be exciting to see how this power struggle will develop while the global economy is in a whirlwind of uncertainty.