Tuesday, June 6, 2023

Professor Ashok Swain from Uppsala University’s Department of Peace and Conflict Research says that if Saudi Arabia joins the BRICS economic group, it will help quicken the trading between countries who are already using Chinese yuan as money.

Breaking the US Dollar’s Hegemony

Ashok Swain, a professor who works at Uppsala University in Sweden, told Al-Monitor last week that if Saudi Arabia joins the BRICS economic group, it will make it more likely for people to use China’s currency yuan when they are trading. Ashok is the head of the Department of Peace and Conflict Research at Uppsala University. He also has a position as UNESCO chair on International Water Cooperation.

When someone talked about Saudi Arabia joining the Shanghai Cooperation Organization (SCO) and the BRICS which are a group of five countries (Brazil, Russia, India, China and South Africa). They said that having Saudi Arabia in these groups would make it easier to trade using the Chinese currency “Yuan” for business.

In March, Saudi Arabia became part of a group called the Shanghai Cooperation Organization (SCO). The SCO is an alliance that focuses on politics, economics and defense. Although they’re not members yet, Saudi Arabia expressed interest in joining another group called BRICS. Recently, Saudi Crown Prince Mohammed bin Salman Al Saud talked with Russian President Vladimir Putin about working together with BRICS.

Saudi Arabia is discussing ways with China to buy and sell some of its oil in Chinese currency called the yuan. This has been happening for about six years, but now things are getting more intense. A professor noticed that this could be a big change for China and possibly make the American dollar less important.

More and more countries are beginning to use something other than the U.S. dollar for trading. For example, the Chinese yuan has recently become the most used currency in both Russia and China when it comes to buying and selling things between each other.

The BRICS group is looking to make a new currency that won’t need the U.S. dollar as much. An economist who worked at the White House believes this currency will weaken the power of the U.S. dollar. Another economist believes that other currencies like the euro and Chinese yuan will become just as important and a “triple reserve currency world” will exist in the future.

Do you think it will be a bad thing if Saudi Arabia joins BRICS? Tell us what you think in the section below.


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