BRICS Currencies' Internationalization

摘要

The purpose of writing this article is to analyze the positions of the BRICS currencies in the contemporary world system of currencies (WSC) and to work out theoretical, methodological and practical approaches to their internationalization. The results of the research are based on the hypothesis that expanding the BRICS currencies' use in the WSC and ensuring their status as extra or parallel international currencies are going to be major drivers in reinforcing financial stability and transforming the WSC by means of their internationalization at the micro-, medium, macro- and mega-levels through direct international settlements as well as purchasing them via currency instruments at the national foreign exchange markets. Theoretical significance of the paper lies in developing approaches to the BRICS currencies' internationalization as a multi-dimensional process. The article is also theoretically significant because its major outcomes and conclusions deepen and enrich the theory of the currency internationalization by means of analyzing the BRICS currencies' circulation and use in the contemporary WSC. The practical significance of the article is that its recommendations can be used by the international corporations of the BRICS which can optimize the value of foreign trade contracts in case of direct settlements on the basis of the derivative instruments to trade in the currency pair ruble/yuan at the Moscow Exchange.