China to Launch New Currency Swap Program with Developing Countries

BRICS: China Makes Major Financial Announcement BRICS member China made a huge financial announcement last week indicating that they are launching a new currency swap program with developing countries. The currency swap allows the Central Banks of developing countries to sign an agreement with China that would facilitate trade in local currencies. Central Banks can swap their local currencies for trade with China and save millions in exchange rates. The US dollar will play no role in the currency swap agreement making local currencies the centerpiece of all transactions. The move comes in line with the BRICS alliance looking to…