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Landmark Development: BRICS Launches Independent Payment System In a significant move, the BRICS economic alliance has announced the launch of its own independent payment system. Russian President Vladimir Putin confirmed this development at the SPIEF 2024 Conference in Russia. He emphasized that the alliance is "working on our own independent payment system, free from political pressure, abuse, and external interference." The concept of a BRICS-centered payment system has been a major discussion point for the bloc over the past year. Throughout 2023, BRICS has actively challenged the global geopolitical landscape, advocating for a multipolar world and reducing dependence on the US dollar and Western-dominated economic frameworks. This announcement marks a substantial step towards these goals, signaling the bloc’s commitment to reshaping international economic relations. #BRICS #EconomicAlliance Source: Watcherguru

China's Exports Surge, Boosting Economic Growth Amid Challenges BRICS member China’s exports have surged in 2024, enhancing the nation’s growth prospects. Exports increased by 6% year-on-year in April and May, with a 1.5% rise in May alone compared to April. This growth occurs as China navigates domestic economic challenges. Recent data shows China’s $18.6 trillion economy grew 5.3% year-on-year in the first quarter, surpassing expectations due to policy changes. The steady rise in export demand signals improving consumption. However, potential export tariffs from the U.S. and Europe, along with a real-estate crisis following Evergrande’s fallout, pose significant challenges to China's continued growth. #ChinaEconomy #GlobalTrade #BRICS Source: Watcherguru

Turkey Eyes BRICS Membership Amid Upcoming Expansion As anticipation builds for the 2024 BRICS summit, Turkey has emerged as a potential new member of the alliance. Following reports of Turkey's interest, Russia has warmly welcomed the possibility. Dmitry Peskov, Russia's BRICS spokesperson, confirmed the topic will be on the agenda for the October summit. Last year marked a significant geopolitical shift with BRICS adding four new countries, a first since South Africa in 2001. This expansion momentum continues, with Turkey possibly joining Egypt, Ethiopia, Iran, and the UAE in the expanded bloc. Turkey's Foreign Minister, Hakan Fidan, recently expressed strong interest during a visit to Beijing, signaling Turkey's eagerness to join the alliance. #BRICS #Turkey #Geopolitics Source: Watcherguru

BRICS Push for De-Dollarization Gains Momentum, But U.S. Fed Remains Confident The BRICS alliance is leading a global de-dollarization effort, encouraging developing countries to trade in local currencies and strengthen their native economies. Despite this initiative gaining traction, the U.S. Federal Reserve reassures Americans of the dollar's robustness. Fed Governor Christopher Waller acknowledged the growing influence of the BRICS de-dollarization campaign but emphasized that the U.S. dollar remains the most traded currency worldwide. "The dollar remains by far the most widely used currency by a number of metrics," Waller stated, dismissing fears of the dollar's imminent demise. #DeDollarization #GlobalEconomy #BRICS Source: Watcherguru

JPMorgan CEO Jamie Dimon Warns of Unavoidable US Economic Crisis Over the last year, a global shift has taken place within global economics. With BRICS de-dollarization reaching new heights, JPMorgan has forecast an unavoidable crisis that could heavily impact the US dollar’s prevalence on an international level. JPMorgan CEO Jamie Dimon has consistently shared his warnings regarding the US economy, recently targeting the “extraordinary” government spending that could cause irreparable harm. Dimon predicted that stagflation, marked by high inflation and unemployment, is unavoidable for the US. This is particularly concerning as employment figures have been a stabilizing factor amid the country's two-year inflation fight. Additionally, the US quarterly debt interest payment has recently surpassed the $1 trillion mark, highlighting the growing global concern over the continued viability of the US dollar as a reserve asset. #USEconomy #DeDollarization #Stagflation Source: Watcherguru