Dedollarization: gold-backed BRICS currency 'makes no sense'
Wed, Sep 13, 2023 4:57 PM

Dedollarization: gold-backed BRICS currency 'makes no sense'

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David Woo, former head of global interest rates, foreign exchange, and emerging market fixed income strategy & economic research at Bank of America said the idea of a common currency for the BRICS nations backed by gold makes no sense as it would mean the currency tracks the price of gold rather than the individual countries' currencies and it would be just another gold derivative.

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