South Africa’s Ambassador to China, Siyabonga Cyprian Cwele, says BRICS is progressing on establishing a common currency while encouraging the use of member states’ local currencies to mitigate the risks of relying solely on the US dollar.
In an interview with the Global Times, Cwele praised the strong China-South Africa relationship and countered criticisms of China’s cooperation with Africa.
During a reception hosted by the South African embassy in China, celebrating the country’s 30th anniversary of freedom, Cwele shared insights on BRICS’s financial strategies.
He revealed that a taskforce of financial ministers from BRICS nations will meet in May to discuss the common currency and enhancing the stability of international monetary systems. He emphasised the importance of supporting local currencies through open financial data-sharing and exploring digital currencies to create stable trade mechanisms and reduce sanctions-related risks.
