BRICS in Global Financial System: The Need to Level the Playing Field
... in developing markets potentially means that they remain dependent on credit from the U.S. and other developed nations of the West, which potentially lowers the status of China and other BRICS member states as international lenders. Payment Systems The ... ... settlements in RMB, which accounted for 1.9% of all transactions. Some optimism is inspired by the fact that in the market of trade finance and settlements via SWIFT the RMB ranked second with a share of 5.8% (the share of the US dollar stood at 84.15%, euro ...