... 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 by BRICS national currencies to take on a greater ...
... currency does not have to service all trade transactions among BRICS economies in the very near term. Initially, the new BRICS currency could perform the role of an accounting unit to facilitate transactions in national currencies. In the longer run, the R5 BRICS currency could start to perform the role of settlements/payments as well as the store of value/reserves for the central banks of emerging market economies.
Within the composition of the R5 currency basket the share of the Chinese renminbi may be ...
... Chairmanship. The BRICS+ initiative has the potential to expand the scope for using national currencies via strengthening the trade and investment cooperation between the BRICS economies and their regional partners. An important role in the nexus between the BRICS+ and the R5+ initiatives will be the cooperation platform for the regional development institutions where BRICS countries and their regional partners are members. Such development institutions may include regional development banks such as the Eurasian Development ...
