China & Saudi Arabia Lead BRICS in Decentralizing from US Dollar

• BRICS Bloc Increases Focus on De-Dollarization
• 5 New Arab Countries Look To Join BRICS Alliance
• China and Saudi Arabia to Drive Global Departure from US Dollar
• BRICS: Brazil Calls for Digital Revolution in New World Order
• Saudi Arabia and China's Currency Swap Agreement

BRICS Bloc Increases Focus on De-Dollarization

In recent times, the BRICS association has been increasingly channeling its energy towards de-dollarization. Highlights from the 2023 annual summit include a plan for a five-nation expansion and several initiatives aimed at strengthening local currencies. Amid this expansion, both China and Saudi Arabia are anticipated to play major roles in the worldwide shift away from the US dollar. Saudi Arabia is among the five nations expected to join the alliance, along with the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia. Given Saudi Arabia's potential influence, its involvement in the initiatives has raised significant concerns.

5 New Arab Countries Look To Join BRICS Alliance

China and Saudi Arabia To Contribute Significantly to BRICS De-Dollarization. Throughout 2023, the BRICS alliance has acted as a disruptor in the geopolitical arena. By constantly challenging the global order status quo and advocating for multipolarity in the international landscape, the bloc has influenced the continued evolution of these areas. Future developments are expected to be driven by recent instances of cooperation.

China and Saudi Arabia to Drive Global Departure from US Dollar

Specifically, both China and Saudi Arabia are anticipated to lead the international move away from the US dollar. A milestone currency swap agreement between the two nations is expected to further Saudi Arabia's adoption of BRICS local currencies and subsequently decrease its reliance on the US dollar.

BRICS: Brazil Calls for Digital Revolution in New World Order

Since Saudi Arabia's induction into the BRICS bloc, the nation's relationship with the United States has sparked considerable dialogue. The geopolitical ramifications of the Middle Eastern country's association with the de-dollarization initiatives of the alliance could be far-reaching. Currency swap agreements between Saudi Arabia and other BRICS members could potentially further this cause.

Saudi Arabia and China's Currency Swap Agreement

Saudi Arabia and the People's Bank of China have agreed to a three-year currency swap agreement worth $6.93 billion, entirely in Chinese currency. This agreement will facilitate the increase of local currency usage in the Middle Eastern nation and might have a significant impact on the global market and the role of the US dollar within it.

Edited by Jonathan Stoker