China April 21, 2023, the State Councilor and Foreign Minister of China, Qin Gang, met with the newly inaugurated President of the New Development Bank (NDB), Dilma Rousseff, on the sidelines of the Lanting Forum on Chinese Modernization and the World in Shanghai.
During the meeting, Qin Gang congratulated Rousseff on her appointment and expressed his hope that under her leadership, the NDB will be able to respond effectively to the calls of developing countries and play a more significant role in strengthening solidarity and cooperation among developing countries.
For her part, Rousseff thanked China for its strong support of the NDB and recognized the importance of the NDB in changing the current unfair international order, promoting multilateralism, and building a community with a shared future for mankind.
The NDB was established in 2014 by the BRICS countries (Brazil, Russia, India, China, and South Africa) to provide funding for infrastructure and sustainable development projects in emerging economies. Since its inception, the NDB has financed projects in several countries, including Brazil, Russia, India, China, and South Africa.
The meeting between Qin Gang and Rousseff is seen as a significant development for the NDB and the broader emerging markets and developing countries that it represents. The NDB’s continued growth and success will likely have a positive impact on these economies by providing them with access to funding for development projects.
As for the impact on the US dollar and crypto markets, it is difficult to predict with certainty. However, if the NDB becomes more successful in its mission to promote multilateralism and establish a more just and equitable international financial order, it could potentially lead to a shift away from the dominance of the US dollar in global trade and finance. This could potentially have an impact on the value of the US dollar and the wider crypto markets, although the extent of this impact would depend on many factors beyond the scope of this article.
Overall, the meeting between Qin Gang and Rousseff represents a significant development for the NDB and the broader emerging markets and developing countries that it represents. The continued growth and success of the NDB could potentially have an impact on the global financial system and the US dollar and crypto markets.
