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.