... the other currencies in the BRICS+ circle economies. The choice of the composition of the BRICS currency basket had to do with the fact that these were among the most liquid currencies across emerging markets. The name for the new reserve currency — R5 or R5+ — stemmed from the first letters of the BRICS currencies, all of which begin with an R (the real, the ruble, the rupee, the renminbi, and the rand).
The new BRICS reserve currency basket could act in concert with the stronger role performed ...
... potentially some of the other currencies of BRICS+ circle economies. The choice of BRICS national currencies was due to the fact that these were the among the most liquid currencies across emerging markets. The name for the new reserve currency — R5 or R5+ — was based on the first letters of the BRICS currencies all of which begin with the letter R (real, ruble, rupee, renminbi, rand).
The recent debates concerning the prospects for the creation of a new reserve currency focused more on the ...
... in financial transactions. One of the cases in point was the discussion between China and Saudi Arabia on the possibility of using Chinese Yuan for settlements in lieu of Saudi’s oil deliveries to China. Back in 2017 the Valdai Club advanced
the R5 initiative
that was meant to bolster financial settlements and transactions in the national currencies of BRICS members.
An extension of this initiative was the R5+ concept that involved the extension of the use of national currencies not only to BRICS ...
