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<ul> 
 <li style="font-weight: 400;"><strong>The Chinese Yuan is nearing a 15-year low after plummeting by more than 5 percent within the second quarter of 2023.</strong></li> 
 <li style="font-weight: 400;"><strong>The BRICS alliance risks losing its credibility and could miss out on ushering in new members.&nbsp;</strong></li> 
</ul>  Due to rising inflation, and a handful of other economic barriers, fiat currencies have consistently been at the receiving end of the bearish chaos. Most recently, the <a href="https://www.crypto-news-flash.com/bitcoin-set-to-challenge-us-dollar-dominance-russian-bank-ceo-predicts-rise-of-chinese-yuan-and-btc-2/">Chinese Yuan</a> has lost a significant portion of its value, despite being the main fiat currency in the country. The Chinese Yuan is now nearing a 15-year low. The result of this issue stretches beyond China and into every other region and market that depends on the Chinese Yuan to carry out trading and investments. One such organization affected by the Yuan's downfall is BRICS. BRICS, an acronym for Brazil, Russia, India, China, and South Africa, consists of a coalition of countries aiming to reduce their economic dependence on the United States and its USD currency. The collapse of the Chinese Yuan is certain to tamper with the progress of the BRICS alliance. Notably, the Chinese Yuan has plummeted by more than 5 percent this quarter. Despite the Yuan gaining popularity over the years and becoming a significant part of the country's economy, its devaluation could lead to the collapse of the BRICS coalition and potentially dissuade interested countries from making an official entrance. Chinese lawmakers have since slashed interest rates to curb the country's economic crisis and potentially revive it. However, recent developments have been unencouraging, resulting in the S&amp;P Global cutting down its growth forecast for China to 5.2 percent from 5.5 percent. 
<h3 id="what-does-the-future-of-the-brics-alliance-and-its-mission-to-divest-from-the-u-s-dollar">What does the future of the BRICS alliance and its mission to divest from the U.S. dollar?</h3> The Chinese government has also reiterated its unwavering support for the country's Yuan. The government disclosed that it is attempting to contain the current situation and will conclusively introduce "comprehensive measures and stabilize expectations." While the reassurance from the government is promising, it does little to nothing to shield the BRICS alliance from potentially crumbling. As our previous <a href="https://www.crypto-news-flash.com/china-throws-weight-behind-brics-expansion-eyes-challenge-to-us-dollar-dominance-as-bitcoin-gains-momentum/">report</a> noted, more countries are collectively working towards detaching their economies from the United States. As a result, there has been a rising interest in the number of countries looking forward to joining the BRICS. So far, 42 countries are interested in joining forces to dethrone the U.S. dollar globally. Countries in the African, Asian, and Eastern European regions are willing to accept the BRICS currency. These countries include Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe. As many African countries remain on the sideline, <a href="https://www.crypto-news-flash.com/ripple-partners-pyypl-to-roll-out-micro-investment-platform-to-conquer-kenia-and-african-market-report/" target="_blank" rel="noopener">Kenya</a> urges other nations to consider halting its use of the U.S. dollar for trading activities. The Kenyan government advises other African nations should prioritize other native currencies within the content.

BRICS Countries Monitor Bitcoin’s Response to Chinese Yuan’s Plummet

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