Russian President Vladimir Putin has officially arrived and held talks with China’s Xi Jinping as their two-day summit commences. The focus of their meeting is to strengthen their strategic ties following President Putin's recent inauguration for a fifth term.

As key architects of the BRICS alliance, the two presidents aim to enhance their collective influence, which poses a significant challenge to the dominance of the U.S. and the U.S. Dollar. The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, seeks to counterbalance Western economic powers and address issues related to their perceived misuse of power, with the U.S. being the primary target due to its economic strength and influence over the USD.

During the summit, Putin and Xi signed a joint declaration to bolster the extensive strategic alliance between their nations, emphasizing their role as stabilizing forces in a volatile global environment.

Xi expressed China's commitment to collaboration with Russia in pursuing national progress and global equity and righteousness. Putin's decision to prioritize China as his first foreign destination after his re-election underscores the significance of the strategic partnership.

In efforts to reduce reliance on the U.S. Dollar, BRICS member countries are increasingly opting for alternative currencies for international transactions. Additionally, plans for a BRICS stablecoin to facilitate international trade settlement are underway. The alliance is also working towards establishing a unified financial system by 2024 through initiatives like the "BRICS Bridge" project, aimed at integrating digital currency systems and financial messaging platforms among member nations.

China's consistent gold purchases indicate preparations for potential economic disruptions, mirroring similar trends observed in other BRICS member countries as they increase their gold reserves.