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the BRICS Unit was proposed to resolve the "Triffin dilemma", which is that the structural deficit necessary to maintain reserve status inevitably erodes trust
by g-mork 9mo ago
the BRICS Unit was proposed to resolve the "Triffin dilemma", which is that the structural deficit necessary to maintain reserve status inevitably erodes trust in the currency over time. China's economy also relies on exports which would not be helped by reserve status. which is to say an eventual replacement may not be the yuan or any other single currency
- kelseyfrog 9mo agoOr the Bancor[1], like how Bretton Woods was originally envisioned. 1. https://en.wikipedia.org/wiki/Bancor https://en.wikipedia.org/wiki/Bancor