The Johannesburg Declaration of the 15th BRICS Leaders' Meeting was recently released. The declaration emphasizes the importance of encouraging BRICS countries and their trading partners to use their local currencies in international trade and financial transactions, and mandates relevant institutions to promote BRICS currency cooperation, research on payment tools and platforms. International observers believe that in the context of the continuous strengthening of the overall strength of the "global southern" countries and their increasing global economic weight, promoting the reform of the international financial and monetary system, enhancing the representation and voice of developing countries, and promoting the international monetary system to continue moving towards diversification reflect the urgent needs and common expectations of emerging economies and developing countries. Continuous breakthrough progress has been made in recent times. Emerging economies and developing countries have continued to cooperate in the field of local currency settlement and cross-border payments, and more and more countries are promoting cross-border transactions in local currency settlement, providing strong support for the diversification of the international monetary system. In energy trade, there is a clear trend towards local currency settlement. In March of this year, Chinese and French companies completed their first cross-border RMB settlement transaction for liquefied natural gas; In August, India completed its first cross-border settlement for purchasing UAE crude oil in local currency. In addition, ASEAN member countries have recently stated that they will strengthen the use of local currencies, and multiple countries have signed various types of local currency swap agreements... In terms of asset reserves, more and more emerging economies and developing countries continue to promote reserve diversification. According to a survey by the World Gold Council, driven by the active increase in holdings by central banks in developing countries, global central banks continue to increase their holdings of gold after setting a record for decades of gold purchases last year. In this context, the progress of RMB internationalization has attracted attention from all parties. At the beginning of this year, China and Brazil signed a memorandum of cooperation to establish RMB settlement arrangements in Brazil, promoting the use of local currency for bilateral trade settlement. In April, the Argentine government announced that it would use RMB to settle trade in imported goods from China. At present, the Chinese yuan is the fifth largest active currency for international payments and the fifth largest international reserve currency. It ranks third in the weight of the International Monetary Fund's special drawing rights currency basket, and its internationalization level is constantly improving. The demand for diversified development is urgent. "For developing countries, a more diversified international monetary system is not only more balanced, but also more fair." When it comes to the reform of the international financial and monetary system, Yan Li, a senior lecturer at the Nanyang Business School of Nanyang Polytechnic University in Singapore, said. Analysts point out that the current international monetary system is too single, and developed countries led by the United States are aggressively adjusting their monetary policies for personal gain, bringing huge financial risks to developing countries. The demand for diversification of the international monetary system from emerging economies and developing countries reflects their demand to avoid the negative spillover effects of developed country monetary policies and seek more independent and independent economic development. In recent years, the US monetary policy has been like a "roller coaster" of rapid interest rate cuts followed by aggressive interest rate hikes. The United States has taken various measures to vigorously maintain the hegemonic position of the US dollar in the international monetary system, continuously hindering global liquidity, causing capital to withdraw from emerging markets, and continuously increasing the debt risk of developing countries. According to an article on a US business insider website, developing countries are becoming increasingly dissatisfied with the current situation of the US dollar "kidnapping" the global economy