KCS Group Europe (KCSGE) says that an expanded BRICS trading bloc, dominated by Beijing, is being promoted as a real alternative to the G7 and raises major concerns for the West.

‏‏Saudi Arabia, Egypt and Argentina have applied for membership. BRICS is currently comprised of Brazil, Russia, India, China and South Africa. ‏

‏Together with its ally Russia, China has been developing the SPFS banking system – the Russian equivalent of the SWIFT banking transfer system.‏

‏If offered to its BRICS partners, it would allow Beijing and its trading allies to decouple from the US dollar with the minimum of disruption to their economies.

‏KCS Group Europe CEO Stuart Poole-Robb said: “Such a move would facilitate the transfer of money globally without trace of payments.The countries that have actually applied to join so far should be of real concern to the West.”‏ ‏

As the CCP begins its 5-yearly plenary session on Sunday (October 16), all eyes will be on Xi Jinping’s re-election as General Secretary for a third term. But a reshuffle of the Politburo Standing Committee will also give an indication of the state’s future direction and priorities.‏

‏Analysis by KCS Group Europe suggests that If Xi is to remain in office he will have to balance his plans against those of internal factional interests, a contraction in the Caixin purchasing manager index, repeated Covid lockdowns in cities and a weakening currency.‏

‏However, with oil producers’ group OPEC+ and Russia strengthening their ties and collaboration on oil output, BRICS+ would, therefore, present a far more powerful entity on the world stage, which in turn strengthens Beijing’s position immensely.‏ ‏

KCS Group Europe has been working for over three decades with some of the world’s major financial institutions and companies to create transparency for governments and businesses.