Prime Minister’s Office, India, GODL-India, via Wikimedia Commons China has promoted two main mechanisms to challenge the dominance of the US dollar and the US-led financial system: BRICS and the Cross-Border Interbank Payment System (CIPS). Both have failed to achieve their goals. BRICS remains only a political grouping, not a functioning trade bloc. CIPS, launched in 2015 to clear and settle cross-border renminbi (RMB) payments, was designed to reduce reliance on the dollar. Yet it is used mostly by China and a handful of sanctioned states, with limited global appeal. By January 2022, CIPS claimed about 1,280 member institutions in 103 countries. However, that figure is misleading. The list includes Bank of China branches and subsidiaries abroad, the international offices of Chinese state-owned banks, a…
Click here to read the full article at The Gateway Pundit.
