BRICS: 2 Countries Use Local Currency For Imports, Ditch US Dollar
BRICS countries India and China agreed in the latest trade deal to use local currencies for import settlement with Maldives and not the US dollar. Maldives said on Wednesday that both India and China have agreed to pay 50% of all imports in local currencies. Also Read: 10 ASEAN Countries To Ditch the U.S. Dollar The new $1.5 billion import bill by Maldives will see BRICS members India and China settle 50% in local currencies. Therefore, $750 million worth of cross-border transactions will be paid by two BRICS members in local currencies sidelining the US dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Maldives imports $720 billion worth of goods from China and also imports $780 billion every year from India. Half of all these transactions will soon be settled in the Chinese yuan ending reliance on the US dollar. Also Read: BRICS Pays $4,000,000,000 in Local Currency, Sidelines US Dollar BRICS: Imports ...