BRICS

The  countries have previously launched the BRICS Pay cross-border payment system, which aims to simplify capital flows through local currency settlement and advanced technology, reduce dependence on the U.S. dollar and euro, and enhance regional economic cooperation and financial autonomy. It can be seen that the BRICS cooperation mechanism is not only a unity platform for emerging market countries, but also has important strategic significance in responding to the challenges posed by the US-dominated financial system.