China backs Russia-proposed BRICS payment system

Chinese President Xi Jinping, left, Russian President Vladimir Putin, center, and Egyptian President Abdel Fattah el-Sisi clink glasses during a festive reception to mark the BRICS Summit in Kazan, Russia, Oct. 23, 2024.

Gathered Wednesday at a summit in the Russian city of Kazan, the members of BRICS adopted a joint declaration calling for the creation of an independent payment system based on their national currencies, a move in response to what they regard as illegal sanctions that are damaging the global economy.