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

... lowers the status of China and other BRICS member states as international lenders. Payment Systems The BRICS-11 accounted for 22.0% of global exports of goods and services in 2022. However, most settlements in international trade are made in the G7 currencies through the SWIFT interbank system. SWIFT members are more than 11,000 banks from 200 countries, including 300 credit institutions from Russia. The majority of SWIFT transactions are made in U.S. dollars, euros and pounds sterling. In September 2023, the shares of ...