Ahead of this week's BRICS summit, President Cyril Ramaphosa backed China's call for a new financial world order that prevents "unilateral sanctions" against countries such as Russia. Ramaphosa's support for a new financial order follows the Chinese government's assertion that "financial and monetary co-operation" – including the modalities of a new BRICS currency – will be discussed at the summit from Tuesday to Thursday at the Sandton Convention Centre in Johannesburg. The Chinese government is working towards the "reshaping of the global governance system" to counter the "imposition of unilateral sanctions on countries [such as] Cuba, Venezuela, Afghanistan and Russia", and "questioning the bases of Western hegemony", according to a newly-released China-South Africa book that quotes President Xi Jinping.

Source: News 24 August 20, 2023 00:32 UTC