INDIA , Russia, Brazil, China, and South Africa may soon consider creating their own currency for BRICS : FM Lavrov

[Hecig]

It does not matter if Yuan continue to be currency inside China, if you have the token in effect for foreign trade, you would have to be able to convert said token into Yuan or vice versa, which mean the token would affect Yuan and Yuan will affect the token.

And again, you are assuming that "independent" body can withhold its integrity. as I said, if everyone play nice then yes, it would not be an issue, but again, Russia and China already have seen manipulation of their currency in 2022 and 2019 respectively, would you risk that is another issue

And finally, what would China gain from this? You are essentially asking China to give up their advantage on their economy. I mean, the token has to be back by all the basket nation, 1 to 1 (as in 1 country 1 vote) means everyone would have to share the same backing, which does not reflect on the demand of each currency, because you are either asking every country to reach the level of backing China can offer or have China demote themselves and offer the same backing as everyone else, this will not be able to back the currency because of the trade imbalance, because again, China dominate the trade volume, the value of Trade for China is equal to the GDP of India, Russia and Brazil put together, there will be imbalance demand on Yuan to transfer to the token (because of this imbalance) and you are asking China to ignore the imbalance and let the other BRICS member to have a 1 to 1 right??

That is a tough ask for China to go with that.

You keep insisting that "I am asking china to do this and I am asking china to do that".

Why would I do that ? I really don't care what China does. That seems to be YOUR concern.

I am talking about the mechanism that would govern a possible global currency or the genesis of one.

That Independent body would the be corner stone for such a system to work so its not an "assumption" but a primary requirement.

I have already explain the ratio of value of the nations based on the size of their economy and you continue to deliberately misinterpret it as 1:1 ration of vote per nation.

Either you deliberately do not wish to understand or you deliberately wish to obfuscate the issue. Either way its clear that you are not serious about this discussion.

China is a big boy who can decide for itself what it wants to do. Same as every other BRIC nation. None of us need an endorsement from you.

If you want to assume china will not be interested, so be it. What is left to debate ?

You mean being poor and underdeveloped is your people's own choice? Stay poor, stay hungry.

We HAVE a choice, You DON"T.

What ever be our choice, ITS OUR CHOICE.

What value does you commentary hold ? the comment of a person with no voice or no choice ? the voice of a slave who sleeps in his rich masters chamber.

 

[Reashot Xigwin]

It does not matter if Yuan continue to be currency inside China, if you have the token in effect for foreign trade, you would have to be able to convert said token into Yuan or vice versa, which mean the token would affect Yuan and Yuan will affect the token.

And again, you are assuming that "independent" body can withhold its integrity. as I said, if everyone play nice then yes, it would not be an issue, but again, Russia and China already have seen manipulation of their currency in 2022 and 2019 respectively, would you risk that is another issue

And finally, what would China gain from this? You are essentially asking China to give up their advantage on their economy. I mean, the token has to be back by all the basket nation, 1 to 1 (as in 1 country 1 vote) means everyone would have to share the same backing, which does not reflect on the demand of each currency, because you are either asking every country to reach the level of backing China can offer or have China demote themselves and offer the same backing as everyone else, this will not be able to back the currency because of the trade imbalance, because again, China dominate the trade volume, the value of Trade for China is equal to the GDP of India, Russia and Brazil put together, there will be imbalance demand on Yuan to transfer to the token (because of this imbalance) and you are asking China to ignore the imbalance and let the other BRICS member to have a 1 to 1 right??

That is a tough ask for China to go with that.

Also the whole point of currency is stability. A dollar today is a dollar tomorrow. With these thing I can't even be sure what the conversion rate is or will it even be stable by tomorrow. As you just pointed out that Russia & China manipulated their currency.

I mean this is how the Japanese government lost their power to mint Yen.

 

[Hecig]

If India, Russia, Brazil and South Africa want to replace their currencies with the Chinese Yuan then China may agree.

Are you the self appointed spokesperson for china ? sorry, we don't talk to servants. If required, we will talk directly to your master.

 

[beijingwalker]

We HAVE a choice, You DON"T.

What ever be our choice, ITS OUR CHOICE.

What value does you commentary hold ? the comment of a person with no voice or no choice ? the voice of a slave who sleeps in his rich masters chamber.

You mean being poor and underdeveloped is your people's own choice? Stay poor, stay hungry.

 

[Hecig]

but you are still wrong, it's not only in China now.

Why would I care ?

You mean being poor and underdeveloped is your people's own choice? Stay poor, stay hungry.

To remain a slave is your choice ? right.... you don't HAVE a choice.

 

[beijingwalker]

Why would I care ?



To remain a slave is your choice ? right.... you don't HAVE a choice.

lOl, we know your choice

 

[Hecig]

lOl, we know your choice

Good for you, too bad you don't have one.

 

[beijingwalker]

Good for you, too bad you don't have one.

No, we don't have family dynasties, even Mao didn't do it, we really admire your dynasty and hereditary politics. lol..

 

[jhungary]

You keep insisting that "I am asking china to do this and I am asking china to do that".

Why would I do that ? I really don't care what China does. That seems to be YOUR concern.

Well, you are the one talk about China should be in this basket, then it's up to you, not Chinese to care what China do.

I am not the one suggest China should join said basket, you are.

What you are saying now is "China should join this BRICS basket, but it is YOUR concern, so you figure it out."

I am talking about the mechanism that would govern a possible global currency or the genesis of one.

Exactly how??

The only thing close to that is EU and Eurozone, and it take a completely open and democratic system 20 years to be able to figure out how EU can control Eurozone, and even then some countries are still skeptical on the governance.

And you are talking about a bunch of countries that have a history of manipulating their currency.

Well, good luck with that

That Independent body would the be corner stone for such a system to work so its not an "assumption" but a primary requirement.

Again, good luck with that

I have already explain the ratio of value of the nations based on the size of their economy and you continue to deliberately misinterpret it as 1:1 ration of vote per nation.

Do you realise you can't assign ratio of value of the nation based on their size of economy and have 1 to 1 voting right at the same time, right??

Either you deliberately do not wish to understand or you deliberately wish to obfuscate the issue. Either way its clear that you are not serious about this discussion.

Seems like you don't understand the basic principal of how currency works.

Currency needs backing, you cannot just raise a new currency without a central bank or any kind of financial institution backing, now who is going to back this currency??

China and the rest of BRICS have too great of a distant in order to make them equal partners. Essentially what you are asking is to have China print money to back this basket because there are NO WAY BRICS can match Chinese on this on a 1 to 1 pace. That is the concern.

The same argument is used when IMF suggest a SDR based Global Currency Certificate replacing USD for global trade. Who is going to back that? You will need US to back such a move because you are talking about replacing 58% of USD with GCC, no country can supply that amount of currency to fill the void from USD, that is the major issue here

China is a big boy who can decide for itself what it wants to do. Same as every other BRIC nation. None of us need an endorsement from you.

If you want to assume china will not be interested, so be it. What is left to debate ?

I am simply asking you question, why you have to be this hostile.

Again, my question is, what China benefit from backing such a move? You are essentially asking China to piggyback the entire economic system of BRICS.

 

[Hecig]

No, we don't have family dynasties, even Mao didn't do it, we really admire your dynasty and hereditary politics. lol..

................ .................

Who Are China’s ‘Princelings’?​

 

[beijingwalker]

................ .................

Who Are China’s ‘Princelings’?​

First, many of the these had long been debunked, second, are they related, no? are they from the same family? no? and the peopleyou listed are not even high ranking in China, unlike yours in India. and why you put business people there too, lol

 

[Hecig]

Well, you are the one talk about China should be in this basket, then it's up to you, not Chinese to care what China do.

I am not the one suggest China should join said basket, you are.

What you are saying now is "China should join this BRICS basket, but it is YOUR concern, so you figure it out."

Are you Stupid ? This entire thread is on FM Lavrov's comment on BRICS currency.

Are you under the impression I am FM Lavrov ?

Exactly how??

The only thing close to that is EU and Eurozone, and it take a completely open and democratic system 20 years to be able to figure out how EU can control Eurozone, and even then some countries are still skeptical on the governance.

And you are talking about a bunch of countries that have a history of manipulating their currency.

Well, good luck with that


Again, good luck with that

Why do I need the "good luck" ?

I assure you I am not FM Lavrov. I am just a poster on a pakistani forum.

If there is political will and if there is a need then there will be a Way.

Which is how I started my statements. Multiple times. But you continue to insist I am FM Lavrov. I can only offer my sympathies when you find out I am not him.

Do you realise you can't assign ratio of value of the nation based on their size of economy and have 1 to 1 voting right at the same time, right??

The guiding principle of any such foundation has to be to avoid Conflict of Interest. But at the same time ensure proper representation of currency value.

It depends on what voting rights you are claiming. The constitution and charter of such an organization has not yet been defined. By anyone.

Seems like you don't understand the basic principal of how currency works.

Currency needs backing, you cannot just raise a new currency without a central bank or any kind of financial institution backing, now who is going to back this currency??

That would be the Independent organization like the IMF I have reputedly mentioned ad backed by the combined economy of all member nations. New development bank would be one such banking option. Just like how world bank was formed.

China and the rest of BRICS have too great of a distant in order to make them equal partners. Essentially what you are asking is to have China print money to back this basket because there are NO WAY BRICS can match Chinese on this on a 1 to 1 pace. That is the concern.

Why are BRICS required to match Chinese on this 1 to 1 ? This would only be a international trading currency. With its valued pegged to the basket of national currencies and economies.

The same argument is used when IMF suggest a SDR based Global Currency Certificate replacing USD for global trade. Who is going to back that? You will need US to back such a move because you are talking about replacing 58% of USD with GCC, no country can supply that amount of currency to fill the void from USD, that is the major issue here

It has to be backed by ALL the nations that come together to form this basket. Pay for it based on their own respective economic size. An Annual membership fee.

I am simply asking you question, why you have to be this hostile.

Again, my question is, what China benefit from backing such a move? You are essentially asking China to piggyback the entire economic system of BRICS.

I am hostile because you keep asking me the same question again and again. Even after I have answered it multiple time.

I have already mentioned the pros of this currency. Its for china to decide if its worth it for them. How would I know the answer to that ?

First, many of the these had long been debunked, second, are they related, no? are they from the same family? no? and the peopleyou listed are not even high ranking in China, unlike yours in India. and why you put business people there too, lol

 

[beijingwalker]

I personally met him, he is just a low ranking army man wields no power at all, unlike your princelings in your politics

 

[Hecig]

I personally met him, he is just a low ranking army man wields no power at all, unlike your princelings in your politics

At least I know u'r a high ranking wumao

I am surprised you have not emigrated to the US yet. I bet your children have. or is it Canada / Australia ?

 

[beijingwalker]

At least I know u'r a high ranking wumao

I am surprised you have not emigrated to the US yet. I bet your children have. or is it Canada / Australia ?

Lol, you just lost your marbles