BRICS in Global Financial System: The Need to Level the Playing Field

....02% of international transactions in RMB are conducted through offshore banks in Hong Kong, the UK and Singapore. Among the BRICS-11 countries, only Russian banks supported 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 – at 5.43%). Trade financing ...