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 ... ... of offshore banks. Therefore, the real independence of BRICS from the international payment infrastructure controlled by the West can only be ensured by their own system of multilateral settlements in national currencies. Since 2018, a prototype of such ...