This is China building the tertiary layer of its Belt and Road empire of global trade infrastructure. They already lead in the introduction and use of their CBDC Yuan and they will set the parameters of the new payments protocol. Already they enable ongoing trade payments to Russia, Iran and N.Korea via their alternative trade payments system which has transfer capacity into the USD SWIFT network via Hong Kong. China has already reverse engineered and out competed western manufacturing processes and is now moving to reverse engineer the wests legacy trade payments hegemony. Most of the other BRICS members and affiliates except perhaps India are primarily commodities producers and thus to some extent already dependent upon China.