- China will host the 2025 Shanghai Cooperation Organization (SCO) summit in Tianjin on August 31, focusing on new trade policies and de-dollarization.
- About 30 countries and organizations have been invited, with an emphasis on reducing reliance on the U.S. dollar through local currencies and Gold.
- China recently reported that 92% of its trade with Russia within the SCO is now settled in local currencies.
- The summit agenda includes discussions on launching a digital trading platform, which requires consensus from all SCO members.
- Other topics on the summit agenda include transport, infrastructure, technology, investment, cultural ties, and green development.
China has announced plans to host the 2025 Shanghai Cooperation Organization (SCO) summit in Tianjin on August 31, with over 30 nations and organizations invited. The summit will focus on trade policy changes and steps toward de-dollarization, aiming to reduce the reliance on the U.S. dollar in international trade.
The names of the participating countries have not been disclosed, but reports indicate that many developing nations with similar financial strategies are expected. These countries are interested in building their central bank reserves with gold and local currencies. According to Chinese officials, the effort seeks to strengthen their economies and decrease dependence on the dollar.
During a recent SCO Global Mayor’s Dialogue, China suggested establishing a digital trading platform to help bypass the dollar, though such a proposal requires agreement from all SCO members. As stated in the article, “If a new digital trading platform is launched after the SCO summit, it could advance de-dollarization at a faster pace.”
China confirmed that it now settles 92% of all trade with its SCO counterpart, Russia, using local currencies like the yuan and the ruble instead of the U.S. dollar. SCO currently includes 10 members: China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, Uzbekistan, and Iran.
The summit will also address topics such as improving transportation networks, urban infrastructure, technological cooperation, investment flows, cultural relationships, and environmentally friendly development.
The event in Tianjin is intended as an open forum, with China positioning it as a platform to set new directions in global finance and trade among SCO countries and partner nations.
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