India backs local-currency trade in BRICS but rejects single currency push - CHOSUNBIZ - Chosunbiz
India backs local-currency trade in BRICS but rejects single currency push - CHOSUNBIZ - Chosunbiz
Source: Chosunbiz
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DW NOTE
India's position reveals the split at the heart of the BRICS project: rupee-ruble trade settles real imbalances without Beijing's oversight, but a common currency would subordinate New Delhi's monetary policy to a bloc where China holds 70% of the combined GDP. Every BRICS expansion summit produces the same result — more bilateral swap lines, no shared liability.