India opposes BRICS currency proposal; no support for any such scheme, says Piyush Goyal

[peacemaker99]

No, no, India is a rich country, China is a poor country. India and China are not in the same league as you suggested, China is far behind.

Well china is a poor country. That cant be disputed. But i thijk india is also poor at this point.

 

[retaxis]

Well china is a poor country. That cant be disputed. But i thijk india is also poor at this point.

Explain how a 'poor' country has 5x your GDP per capita and have longer lifespans than the USA.

 

[retaxis]

CIPS cannot be equated to SWIFT. They're two different things.

SWIFT (World) = "Tell the other bank what payment to make." It is currency-neutral and global. It supports transactions involving dollars, euros, pounds, yuan, yen, etc.

CIPS (China) = "Provide the infrastructure to clear and settle the RMB payment." It is strategically centred on the internationalisation of the RMB.

SWIFT→ messaging/instructions - (Worldwide)
CIPS→ RMB clearing & settlement - (China)

The only true alternatives to SWIFT are Russia's SPFS which is limited internationally and India's SFMS which is mainly for domestic use.

180 countries use CIPS and every month the number of use is growing

of course its not the size of american swift but its not meant to be. Its meant to be a lifeline to independence just like how china has its own youtube/facebook/whatsapp/google etc.

 

[retaxis]

Well china is a poor country. That cant be disputed. But i thijk india is also poor at this point.

So China has higher GDP per capita than:
Argentina
Brazil
Albania etc

They are all very poor countries too?

Meanwhile the wartorn country of palestine and haiti have higher gdp per capita than India lol

GDP per Capita (2026) - IMF - Worldometer

GDP per capita by country. List by GDP at PPP (Purchasing Power Parity) and by Nominal GDP. Ratio to World's average GDP per capita at PPP

www.worldometers.info

Just a hot tip too for your noggin to think about. China is export country so its artificially keeps its yuan value down to boost export. Real GDP per capita is around 25k if not artificially supressed.

Meanwhile India is import nation and is artificially bumping its rupee value up so its real gdp per capita is even lower.

 

[Beijingwalker]

Well china is a poor country. That cant be disputed. But i thijk india is also poor at this point.

lol, don't know why US is so crazy going after a poor country like China. Can you Indians explain this weird obssession?

 

[Pakistani Dragon]

180 countries use CIPS and every month the number of use is growing

of course its not the size of american swift but its not meant to be. Its meant to be a lifeline to independence just like how china has its own youtube/facebook/whatsapp/google etc.

That's correct. It's for China and not rest of the world, unless other countries replace their own currencies with the Yuan.

In other words, if you want to trade with China using CIPS, it's great.

If Iran wants to trade with Russia using CIPS, it doesn't work unless both countries replace their currencies with the Yuan.