In her fortnightly podcast geopolitical economy hour, political economist, Radhika Desai interviewed former central banker Kathleen Tyson, who is also author of the book Multicurrency Mercantilism. During the interview, the former central banker gave her impression about the recently concluded BRICS summits and stressed that the bloc is not looking for a new currency but to trade in the local currencies of its members.
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00:00In her fortnightly podcast Your Political Economy Hour, political economist Radhika
00:05Desai interviewed former central banker Kathleen Tyson, who is also author of the book Multicurrency
00:12Mercantilism.
00:13During the interview, the former central banker gave her impression about the recently concluded
00:19BRIC summit and stressed that the bloc is not looking for a new currency but to trade
00:24in local currencies of its members.
00:28The Johannesburg declaration last year was perfectly clear that the BRICs want local
00:34currency trade in their own currencies as the preferred objective.
00:40And to a great extent, they've achieved that in important ways.
00:4553% of China's trade is now in yuan.
00:49Over 90% of trade between Russia and China is either in yuan or ruble.
00:55And other countries are making progress.
01:00In another part of her interview, Tyson highlighted the fact that the de-dollarization is not
01:05only a BRICs policy but a strategy followed by an increasing number of countries in the
01:10world as a matter of economic and national security.
01:1480 countries determined in 2023 to move to local currency trade as a matter of policy.
01:21So it's not just BRICs.
01:23I mean, I said this last month in Singapore and I think it resonates that currency optionality
01:30is now a matter of economic and national security.
01:35That no country wants...