text: Chinese Foreign Minister Wang Yi outlined back in April how important these “Global South” countries are to a Chinese world order. “In the race of [Chinese] global governance, we look forward to seeing EMDCs [emerging markets and developing countries] turning from ‘followers’ to ‘forerunners’ and even ‘pacesetters’. Together, we can play a more active role, speak with a bigger voice, help make the international order more just and equitable, and promote more open, inclusive, balanced and win-win globalization for all,” Wang said. This is important not only because so-called EMDCs make up a majority of the world’s population, but also because these emerging markets are countries that could begin using the Chinese yuan or a commodity-backed BRICS basket currency as a standard of trade and reserve currency. China doesn’t have the capital and credit markets required to replace the U.S. Dollar globally, but they don’t need to if China can displace the dollar in global trade within the EMDCs and BRICS+ countries. China’s Belt and Road, the digital yuan, and other economic and monetary initiatives are key facilitators in this process. An alternative part of this plan includes cooperation with Russia to build a commodity-backed BRICS basket currency. It’s unclear how China will gain the cooperation of India, which is developing its own international settlement system to accept the rupee for increased agricultural exports, or for Brazil, which at least for now has a pro-U.S. establishment. But we continue to hear the rumblings of this BRICS currency, which plays an important role in China’s global revolution against the United States. A monetary and economic alliance also paves the way for a military alliance to rival “Global NATO”.Back in May, Xi made mention of this new Chinese-led global order coming together under the banner of a “Global Security Initiative” (GSI), which he again invoked during the BRICS conference. “It is important that BRICS countries support each other on issues concerning core interests, practice true multilateralism, safeguard justice, fairness and solidarity and reject hegemony, bullying and division… China would like to work with BRICS partners to operationalize the GSI and bring more stability and positive energy to the world,” Xi explained. That stability, Xi might say, can only come through producing a counterweight to U.S. military might.The center of gravity for the United States includes its military strength, which for now remains the strongest in the world, and the USD as the global reserve. If Xi is successful in building a new monetary order among BRICS countries, he can displace the use of the USD in roughly 40% of the world. By some estimates, a new BRICS currency could make up a third of global reserves, making it the second largest behind the USD.The center of gravity for China’s plan includes its own domestic political and economic stability, which Xi likely hopes to smooth over by the end of this year, and cooperation from Brazil, India, and the Global South.