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

... USD 140 trillion worth of financial messages were broadcast through SWIFT to make payments. By comparison, less than 0.5% of SWIFT’s transaction volume passed through China’s Cross-border Interbank Payment System (CIPS), the rest of the volume fell ... ... materials, low and medium value-added manufacturing goods as well as to providing transnational businesses with cheap labor. The global financial system is still leveraged by a coalition of developed nations led by the United States. Under the current monetary ...