China's 62% Crypto Hold in BRICS Market Cap Dips by 8%

• China Dominates 62% of BRICS Bloc's Market Cap Despite Recent Slump
• Chinese State-Run Banks Reign in US Dollar
• Performance of Other BRICS Nations
• China's Economic Growth Expectations

China Dominates 62% of BRICS Bloc's Market Cap Despite Recent Slump

China currently accounts for 62% of the market capitalization of the BRICS bloc, signaling a decline by 8% since March 2023. Despite the recent disposal of Chinese stocks, China's stake in the BRICS market cap still remains a majority, albeit a dwindling one. On a brighter note, India's market valuation has witnessed a substantial surge of $743 billion in the past nine months. As of Thursday, the total BRICS market cap is valued at $15.3 trillion.

Chinese State-Run Banks Reign in US Dollar

In a noteworthy shift, China, which commanded over 70% of the group's valuation in April this year, has seen its state-run banks unload US dollars in the spot foreign exchange markets for three consecutive days during this week. These banks were seen selling the US dollars and immediately procuring the Chinese Yuan, a move designed to shift the Chinese Yuan into a favorable position against the US dollar.

Performance of Other BRICS Nations

Besides China, South Africa also saw a significant decline, with a near erosion of nearly $100 billion in 2023. The decline now represents only 1.96% of the total BRICS market cap, placing South Africa at the bottom of the five BRICS founders. Russia is a close second from the bottom at 3.78%, while Brazil occupies a middle ground at 5.58%.

China's Economic Growth Expectations

Despite the slump experienced in the later part of the year, China, a founding member of the BRICS, still anticipates an economic growth rate of over 5% by year-end 2023.

Edited by Jonathan Stoker