Story perspectives

BRICS backs local currencies and CBDCs for trade

By Drooid · Sep 17, 2026, 2:17 PM UTC · How we work

Summary

Story summary

BRICS leaders met in New Delhi on September 12-13, 2026.
Chinese President Xi Jinping proposed a BRICS AI Open Source Zone.
The BRICS communique urged emerging economies to use local currencies and interoperable central-bank digital currencies for trade settlement.
India’s inflation rose to 4.82% in August, leading the Reserve Bank of India to sell bonds.
The U.S. House passed a bill authorizing up to 100% tariffs on countries buying Russian oil and gas.

History

Historical Context

In 2014, the BRICS nations inaugurated the New Development Bank in Shanghai, committing $100 billion of authorized capital to fund infrastructure projects. China’s state-owned China Development Bank contributed 30 % of that capital, while India, Russia, Brazil and South Africa each supplied 15 % significantly. That financing model echoes today’s New Delhi summit, where Xi Jinping proposed an AI Open Source Zone and urged trade settlement via local currencies and CBDCs. The precedent suggests coordinated financial mechanisms can counterbalance U.S. tariff threats, potentially reshaping global trade flows and accelerating CBDC adoption across emerging economies.

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Story summary

BRICS leaders met in New Delhi on September 12-13, 2026.
Chinese President Xi Jinping proposed a BRICS AI Open Source Zone.
The BRICS communique urged emerging economies to use local currencies and interoperable central-bank digital currencies for trade settlement.
India’s inflation rose to 4.82% in August, leading the Reserve Bank of India to sell bonds.
The U.S. House passed a bill authorizing up to 100% tariffs on countries buying Russian oil and gas.

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