Photo: Supplied/Avi Lasarow
BRICS summit 2023: Five things that happened TODAY
As South Africa is hosting the BRICS summit for 2023, the summit started today 22 August, here is what happened during the summit:
Photo: Supplied/Avi Lasarow
As the first day of the BRICS summit of developing countries in Johannesburg began, the rand in South Africa strengthened by 1% as some risk appetite returned to the markets as a result of decreasing US Treasury yields.
According to Danny Greeff, co-head of Africa at ETM Analytics, the rand surged as much as 1% early in the day as a result of heightened risk appetite when US Treasury yields declined.
ALSO READ: 15th BRICS summit dominates 22-24 August
In the words of Greeff, “US Treasury yields would need to continue falling, or at least not rising further, for the (rand) bulls to remain in control of the market in the coming days.”
The rand was 0.88% stronger than its previous finish when it traded at 18.7925 against the dollar at 11:29 GMT.
The dollar’s recent trading against significant counterparts was flat.
ALSO READ: South African rand weakened ahead of BRICS summit
Jay Z song interrupts live streams of business forum summit
BRICS to host Jay Z?
No, but the rapper’s song disrupted the business forum summit’s live feed.
While watching the BRICS Business Forum live stream, Jay Z’s song December 4th made a surprise appearance, drowning out the words of the Brazilian finance minister, Fernando Hadd.
Ramaphosa says South Africa and China have similar views on BRICS expansion
According to South Africa’s president Cyril Ramaphosa, South Africa and China share the same ideas on the expansion of the BRICS.
On the topic of the growth of the membership of the BRICS group of rising countries, South Africa and China share similar views, according to Ramaphosa who made the remark on Tuesday during a state visit by Chinese President Xi Jinping.
ALSO READ: South Africa ready for the first day of BRICS summit
China ‘confident’ to deepen ties with South Africa
China is committed to improve relations with South Africa, according to Xi.
President Xi Jinping declared on Tuesday in Pretoria, South Africa, that no matter how the world changes, China’s willingness to advance friendly and cooperative ties with South Africa will not change.
From August 22-24, Xi will be in South Africa on a state visit and to attend a conference of the BRICS presidents.
Brazil’s Lula say BRICS not meant to challenge G7, US
The BRICS group of developing nations, according to Brazilian President Luiz Inacio Lula da Silva, is intended to “organise” the so-called Global South rather than to compete with other international coalitions like the G7 or the United States.
While attending the BRICS summit in South Africa, Lula stated in a live social media broadcast, “We do not want to be a counterpoint to the G7, G20, or the United States.”
“We merely desire to order ourselves,” he said.
ALSO READ: President Xi Jinping arrives in South Africa for BRICS summit
