I think there is far less conspiracy than you are implying re trade between BRICS countries. In my own view, it is a fairly straight forward situation regarding Nickel production in Indonesia. A number of years ago the Indonesian Govt introduced rules to ban export of Ni concentrate with a view to increasing the value add to their Ni resources.
This ultimately led to significant foreign direct investment from primarily Chinese companies into Indonesian Ni refining. Thus, the purchasers of Indonesian refined Ni are predominantly Chinese companies.
With regard to the BRIC(S) appellation, the term was first coined by a GS economist in 2001. It did not become a formal grouping until some time later.
I'm in Jakarta this week as it turns out and while most of the Indonesian Govt owned entities that the company I work for does business with insist on paying in IDR, so we the supplier take the currency risk. The rest of them pay in our preferred currency, USD. Indonesia would no doubt be requiring that Chinese companies with local entities would be paying for their refined Ni in IDR, which would be being bought with CNY, which would then be used to purchase, should there be a need, Chinese products. There is little need or desire for a Chinese company to be paid in USD (or EUR for that matter) unless they need to procure equipment from the US (or Europe).
Notwithstanding China's population ageing profile, Asia has the largest proportion of global population and it is both youthful (plenty of potential workers) and growing.
Asian countries are manufacturing a lot of stuff for internal and also export markets. There is a pretty good chance that a "pick up truck" bought in Australia was made in Thailand or Indonesia
my 2 cents, ymmv, dyor etc etc
CTM Price at posting:
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