China Declares Support for Massive BRICS Expansion As Countries Push to Challenge US Dollar
China says it’s fully backing a major expansion of the global economic alliance known as BRICS.
The country is ready to “bring more like-minded partners” into BRICS, which currently consists of Brazil, Russia, India, China, and South Africa, says Chinese foreign ministry spokesperson Mao Ning.
The state-backed outlet China Daily says Ning made the statement while commenting on reports that Venezuelan President Nicolas Maduro is pushing to add Venezuela to the group.
“As an important platform for cooperation among emerging markets and developing countries, BRICS is committed to upholding multilateralism, vigorously advancing the reform of the global governance system and increasing the representation and say of emerging markets and developing countries.”
BRICS has made waves this year amid reports that the bloc is considering whether to launch its own gold-backed currency in an attempt to challenge the US dollar’s status as the world’s reserve currency.
The next BRICS summit is set for August in South Africa, and members say they will discuss an expansion, although it’s not clear whether talks on a common currency are on the agenda.
According to BRICS African Ambassador Anil Sooklal, a total of 13 countries have now formally requested to join the group.
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