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South Africa Urges Caution on BRICS Currency as Global Yuan Use Creeps Up

by Cobus van Staden
Image: Nicolas Asfouri / AFP

The BRICS group (Brazil, Russia, India, China, and South Africa) will discuss the feasibility of a joint currency at an upcoming summit in Johannesburg in August. Naledi Pandor, South Africa’s Minister of Foreign Affairs, acknowledged that scheduling the discussion was prompted by calls from member states to move away from the U.S. dollar.

However, SA seems hesitant about the complications of a possible BRICS currency. Pandor said:

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