BRICS Flexes Financial Muscle: China Rolls Out Homegrown Payment System to Challenge Dollar Dominance

Move over SWIFT—Beijing’s new payment network is live, and it’s got Wall Street side-eyeing the yuan’s end-run around traditional banking rails.

No more ’waiting for clearance’: BRICS nations now have a direct pipeline for cross-border deals, cutting out the middleman (and maybe the sanctions too).

Bonus cynicism: Because nothing unites geopolitics like a shared desire to avoid USD conversion fees.

BRICS: China Will Take on SWIFT Through CIPS Payment System

The BRICS country China revealed that it willof CIPS and challenge the Western-dominated SWIFT payment system.the plan stated.

The plan also states that the Xi Jinping administration will strengthen financial support to Chinese enterprises.read the report.

China will also allow other BRICS members to settle cross-border transactions without the US dollar in the new payment system. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Beijing is looking to internationalize the Chinese yuan and make it a common currency for trade among developing nations.

Settling cross-border transactions in the new payment system will not only strengthen the Chinese economy but also uplift the BRICS alliance. The development could cause harm to the US dollar as more countries will stop using it as a form of payment for trade.