and we could start currency swap cooperation and advance the m-CBDC Bridge project

The m-CBDC Bridge project, or as the BIS likes to refer to it, Project mBridge, is a masterclass in plumbing: undertaken by the PBoC, the Bank of Thailand, the HKMA, and the Central Bank of the United Arab Emirates, the project enables real-time, peer-to-peer, cross-border, and foreign exchange transactions using CBDCs, and does so without involving the U.S. dollar or the network of Western correspondent banks that the U.S. dollar system runs on. Pretty interesting

It seems that the article is discussing the shifting dynamics of global trade, particularly in regards to the role of the US dollar as the dominant currency for international transactions. The rise of China and other countries in the East and South is leading to a shift towards the use of alternative currencies, such as the Chinese renminbi, in trade settlements. This shift is being facilitated through the use of currency swap agreements and central bank digital currencies, which allow countries to bypass the Western-dominated financial system. The article also mentions the concept of "commodity encumbrance," in which countries pledge their natural resources as collateral in exchange for increased credit capacity in an alternative economic system. This is exemplified by Russia, Iran, and Venezuela, who have effectively pledged their resources to the BRICS (Brazil, Russia, India, China, South Africa) and Belt and Road initiatives in exchange for discounted oil prices and investment from China. The article also mentions the possibility of a new international reserve currency being developed based on a basket of currencies from participating countries, with the weight of each currency determined by the amount of natural resources reserved for backing. This new monetary unit would potentially be used for trade and investment financing through bilateral swap lines.