China’s Local Currency Trade Hits Record $14B, Ditching US Dollar

The BRICS economic alliance has continued to grow its economic cooperation this year, as its trade with China has reached a record $14 billion in local currencies. Specifically, reports note that Jiangsu Province saw intra-alliance trade reach 102 billion yuan in the first two months of 2024.

That data is a record for the start of the year and already shows a 36% increase over last year. The trade cooperation has continued to grow amid the BRICS de-dollarization efforts. Subsequently, these feats should summarize the alliance’s efforts to raise the prominence of its local currencies. At least, until they have officially launched their native currency as a collective later this year.

Also Read: BRICS: US Dollar Weakened 25% Since 2020 Amid Global Shift

China Trade With BRICS Hits Record in 2024’s First Two Months

The ongoing growth of the BRICS economic alliance has been one of the most important developments geopolitically. Indeed, the bloc enacted an expansion effort at its 2023 Summit. Moreover, they have continued to increase cooperation in trade and economic building.

That has continued this year and led to unprecedented levels for the collective. Specifically, the BRICS bloc’s trade with China has reached a record $14 billion in local currency. The Jiangsu province reported the 102 billion yuan trade has been the most in the first two months of a year.

Also Read: BRICS: US Bank Agrees Switching To Gold Standard Will Stabilize Prices

Its trade with India had led all dealings with BRICS countries; reaching 25.31 trillion yuan. Afterwards, the province had noted impressive dealings with Brazil, as trade reached 23.87 yuan. On the year, those figures denote a 12.1% and 36.4% increase over last year, respectively.

These factors are all incredibly important as the bloc continues to establish its financial hegemony as a collective. Its continued move away from the US dollar has increased cooperation among them. Additionally, the proposed implementation of the BRICS currency should benefit from this cooperation already in place.

Moreover, it should continue to grow despite the ongoing record-setting figures. The continued development of BRICS expansion nations Saudi Arabia, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran brings about even more potential for de-dollarization and increased trade.