Wednesday, 2024 Shanghai Cooperation Organization Summit Opens in Kazakhstan.
During the two-day event, member states discussed regional security, trade agreements, and currency appreciation. China advocated for a de-dollarization plan, opposed Western financial institutions, and promoted alternatives to the US dollar. President Xi Jinping’s administration has consistently pushed for de-dollarization at all summits, including this one. Russia is also engaging with member states on alternatives to the US dollar, encouraging the use of Chinese yuan or Russian rubles for oil payments.
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Sanctions
Following US sanctions on Russia after the 2022 invasion of Ukraine, China’s agenda for de-dollarization at the 2024 SCO summit has gained momentum. Members include China, Russia, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. Additionally, Belarus may be invited to join the alliance this year.
China and Russia led efforts at the summit to promote the use of local currencies and provide de-dollarization education to developing countries. The summit aims to formulate new policies in this regard during the two-day meeting.
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