14th BRICS summit

The 2022 BRICS summit is the fourteenth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa. It was the third time that China hosted the BRICS Summit after 2011 and 2017. The summit was hosted virtually by video conference.

Reserve currency
A major development on the summit was creation of a new, basket type reserve currency. The currency, combines BRICS currencies and is backed by precious metals.