• Presidents of the two leading economies in the world and pioneers of the BRICS alliance have met in person for a two-day summit aimed at strengthening their ties.
• The two presidents have been vocal against the U.S., its economic influence, and the need for a new economic world order.

Russian President Vladimir Putin has officially landed and met with China’s Xi Jinping as their two-day summit gets underway. The two presidents aim to consolidate their strategic ties after the recent inauguration of President Putin for the fifth term.

The two presidents are the chief orchestrators of the BRICS alliance which has become a formidable challenger to the U.S. and the U.S Dollar. The BRICS alliance which is made up of Brazil, Russia, India, China, and South Africa aims to topple the Western economic powers over its misuse of power. First in line is the U.S. which has taken advantage of its economic strength and USD influence to coerce the rest of the world governments.

During the meeting, Russian President Vladimir Putin and his Chinese counterpart, Xi Jinping, inked a collective declaration aimed at strengthening the extensive strategic alliance between their countries during a summit that portrayed their bond as a stabilizing influence in a turbulent global landscape.

Addressing reporters at a shared press briefing on Thursday, Xi articulated, “China stands ready to… collaboratively pursue the progress and revitalization of our individual nations, and collaborate in upholding equity and righteousness globally.”

Putin has stated his choice of China as his first foreign destination since being sworn in as president for a fifth term underlining the importance of the strategic partnership.

BRICS Challenging the U.S. Dollar

As CNF has highlighted, member countries have increasingly been opting out of the dollar for international payments. Furthermore, Russian leaders have confirmed that the alliance is working on a stablecoin that would be used to settle international trades.

The BRICS economic alliance is advancing its de-dollarization efforts by actively pursuing the establishment of a unified financial system in 2024. The proposed “BRICS Bridge” initiative seeks to integrate the digital currency systems and financial messaging platforms of member nations.

With two of the largest players in the alliance now meeting for a two-day summit, it is assumed that there will be talks of advancing the alliance.

Notably, China has been buying gold at a record pace. At the start of the month, Bloomberg reported that China’s central bank topped up its gold reserves for the 18th straight month in April. This suggests that the government is getting ready for a major economic shakedown. A similar trend has been observed with other member countries which are increasing their gold reserves.