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The heads of state of the five BRICS countries: Brazil, Russia, India, China, South Africa. | Source: Xinhua

Breaking News from the BRICS Economic Summit 2022 China


By EDITOR | President Vladimir Putin made the world take notice when he announced on Wednesday 22 June 2022 that the BRICS countries – Brazil, Russia, India, China and South Africa – are currently working on the creation of a new global reserve currency: “The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” Vladimir Putin said in the wake of the summit.

Controversial sanctions against the Russian Federation have forced the 3.23 billion citizens of the BRICS countries to effectively protect themselves against the highly dubious methods of the USA and EU-Europe with their only 780 million inhabitants. After the controversial action of freezing Russian currency reserves stored in the West, the remaining seven billion citizens of the world have been asking themselves how safe their various financial deposits in the highly indebted economic area of the USA & EU have actually been?

According to the Russian President, the BRICS member states are now developing correspondingly reliable alternative mechanisms for handling their international financial transactions. Previously, the group had declared that it was working on setting up a joint payment network to eliminate dependence on the Atlantic financial system. At the same time, the BRICS countries are advocating the use of their own local currencies in the mutual exchange of goods and services.

The epoch after the American century has begun

The implementation of these measures is based on a long history: More than a decade ago, at an economic forum in Astana, scientists presented a project for the transition to a new world financial and monetary system. They proposed a reform of the IMF system based on so-called special drawing rights to create a global clearing currency. The idea met with great interest and even won an international award. However, the resistance of Western monetary guardians ultimately prevented the implementation of that project. But now the aggravated situation and escalations surrounding the dispute with Ukraine are forcing the use of new payment and settlement instruments. After all proposals to reform the IMF had failed so far, it has become clear that a new monetary financial system must now be created without the West.

Accordingly, the centre of a new world economic order independent of the US dollar will be established. In addition to the BRICS countries, the new order will be open to other countries such as Indochina, Japan, Korea, Iran and others in the future.

China declares its opposition to sanctions & a policy of supremacy

The host of the Forum, President Xi Jinping made it unmistakably clear between the lines of his statements which states have been behind a policy of bellicose escalations and controversial sanctions over and over again: “We must work for equality and justice. We must encourage the international community to practise true multilateralism and we must uphold the international system with the United Nations as the core of an international order supported by international law. We must make the world shed the Cold War mentality and oppose bloc confrontations. We must prevent unilateral sanctions and their abuse by small circles seeking hegemony, but rather form one big family for one community with a common future for all humanity!”

In his speech, which he delivered together with other BRICS leaders under the title “Promoting High-Quality Partnership and ushering in a New Era of Global Development”, Xi said, among other things:

“Some countries are now seeking absolute security through the expansion of military alliances that compel other countries to take sides, enter into bloc confrontations to seek domination that runs counter to the interests and rights of other states. If we allow this dangerous trend to continue, our world risks becoming even more unsafe and unpredictable.”

China has proposed a free trade area among the five BRICS countries in the wake of the summit to further expand economic ties within the decade-old grouping as tensions with the United States continue to escalate. China’s Vice Minister of Commerce Wang Shouwen proposed to the BRICS group to conclude a free trade agreement that would help to exploit the high economic potential of said five countries even more efficiently.

The implementation of the epoch-making declarations at the BRICS summit in Beijing heralds the expected new era in global relations!


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