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China is pushing the Chinese yuan to become a BRICS reserve currency, challenging the US dollar in global trade. While Russia and Brazil heavily use the yuan for oil and commodity payments, India and South Africa remain cautious. They prefer a multicurrency system instead of using only the Chinese yuan. The internal divide among member nations is not letting the alliance grow to its full potential. While China has not officially urged BRICS members to make the yuan the reserve currency, the steps the Communist country has taken to embolden the currency raise serious doubts about its agenda. However, during the 2023 and 2024 summits, the Xi Jinping administration suggested using the yuan in trade, cross-border payments, and central bank reserves. Also Read: Minister Drops Major New Hint on BRICS Currency China advocated that member nations reduce reliance on the US dollar and begin trading in local currencies, especially the yuan. It made BRICS members, Russia, Brazil, and other countri...

The takeaway from the BRICS summit last week is that the alliance is aiming for a multipolar world order. The bloc wants to dim the lights on the Western-dominated sector and usher in a new financial order. Developing countries are diversifying their Central Bank reserves with gold and other local currencies, ending reliance on the US dollar. The latest journal from The American Conservative observes that BRICS is successful in building the stepping stones for a new world order, challenging the West. “China, Russia, and other non-Western countries are building a viable alternative to the US-led world order,” wrote Ted Snider. Also Read: China Settles $855 Billion Worth of Deals With BRICS Countries in 2025 BRICS Building Stepping Stones For a New World Order Source: ShutterStock BRICS is focused on replacing the Western-led institutions and making the Global South the center of the multipolar world order. “The international organization is a growing multipolar alternat...

At the BRICS Forum Trade in Brazil this week, Nigeria’s House Committee on Foreign Affairs, Wole Oke, called on all global alliances to stand united and join the force to topple the US dollar as the world’s reserve currency. The Foreign Minister also said that BRICS must start trading in local currencies and other alliances will follow suit. He called for the African Union, the ASEAN bloc, MERCOSUR, and all other global alliances to join hands with BRICS and settle trade in local currencies and not the US dollar. The call to uproot the US dollar is growing lately with emerging economies looking to cut ties with the greenback. Also Read: BRICS: 71 Countries Settled Trade Without the US Dollar “BRICS is not a closed club. Let’s work with the African Union, ASEAN, and MERCOSUR to shape a new global trade order that is fair and inclusive,” he said to Punch Newspaper. Oke said that the traditional way of the financial sector must end ushering the world into a new era of finances. The ...

The DXY index, which tracks the performance of the US dollar has been failing to climb above the 100 range for two months. The greenback is failing to hold on to its resistance level and is slipping back to the 98-99 range after it touches the 100 mark. On the other hand, local currencies are rising in the charts and delivering better performance than the USD. The BRICS currencies are also surging in value, and taking the recent developments into consideration, Morgan Stanley has painted a bearish picture for the US dollar. Source: MarketWatch As BRICS looks to uproot the US dollar, leading global investment bank Morgan Stanley has predicted that the US dollar could decline by another 9% in the indices. The forecast estimates that the greenback’s DXY index could fall to the COVID-19 level low. The global bank wrote that the greenback could fall to the 91 level next losing considerable value. That’s a five-year low and is a steep decline despite the market recovering from the...

A new agreement has been signed, and it is poised to have major geopolitical ramifications as Saudi Arabia has seemingly dropped BRICS, inking a new deal with the US in 2025. Indeed, Riyadh has agreed to a “strategic economic partnership’ with the United States amid a visit from President Donald Trump on Tuesday. Both Trump and Crown Prince Mohammed Bin Salman have reached the landmark agreement that will increase cooperation in energy, mining, defense, and other ventures. Indeed, the memorandum was reached in what is the US president’s first major foreign trip since his return to the White House. JUST IN: President Trump officially signs 'strategic economic partnership' with Saudi Arabia. pic.twitter.com/7ppmsaEeLb — Watcher.Guru (@WatcherGuru) May 13, 2025 Also Read: BRICS or the US? Saudi Arabia May Have Chosen a Side Amid the Faceoff Saudi Arabia & US Reach New Deal Despite BRICS Standoff Since his return to the Oval Office, Donald Trump has not been shy about his...

India first grouped with its BRICS members and sought to find an alternative to the US dollar for cross-border transactions. The Modi-led government then took a U-turn after Trump won the White House and threatened to impose trade tariffs. As the tariff threats grew stronger and Canada, Mexico, and China faced the heat, India slowly backtracked from the de-dollarization agenda. The first move was to protect its economy from tariffs as it could impact the country’s imports and exports sector. Also Read: Illinois Analyst Predicts If BRICS Currency Can Replace the US Dollar BRICS: India & the US Dollar Source: Reuters / ShutterStock Foreign Minister S. Jaishankar made multiple statements this year citing that India has no plans of advancing the de-dollarization agenda. The U-turn comes after Trump’s threats of tariffs forced them to backtrack on the ideology. Read here to know how India not only rejected de-dollarization but also embraced the US dollar. India contradicted the B...

Brazil has firmly positioned itself at the forefront of the growing de-dollarization movement within BRICS nations right now, and is actively championing dollar-free trade as well as promoting local currencies for international transactions. This represents, at the time of writing, a significant challenge to the U.S. dollar’s long-established role as the primary global reserve currency. BRICS Member Pushes De-dollarization—Nations Ditch the U.S. Dollar Source: Bitcoin.com Brazil’s Finance Ministry has made its de-dollarization stance quite clear as the country has recently assumed the BRICS chairmanship in 2025. Secretary Tatiana Rosito from Brazil’s Finance Ministry stated: “The trade in local currencies is already underway, for example, between Brazil and China. No obstacles exist to that on the side of Brazil.” The expanded BRICS alliance—which now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and also the UAE—is ...

President-elect Donald Trump threatened BRICS countries of imposing 100% tariffs on goods entering the US if they pursue the de-dollarization agenda. The rhetoric came even before he officially took office indicating that a trade war would commence during his four-year tenure. Developing countries are guarding their economies against sanctions, as the White House has been imposing them for more than a decade. Also Read: BRICS: India Makes Huge Announcement on New Currency The Director of the Institute of Social Sciences, Ash Narain Roy, said that Trump’s threats to BRICS will not work. Roy explained that Trump is carried away by his victory and is unable to see the ground below his feet. Emerging economies have progressed even after ending dependency on the US dollar as their local currency is gaining prominence. The de-dollarization initiative started by BRICS will continue even in the Trump era, he said. Also Read: The US Dollar’s Clout Is Decreasing Globally, Says BRICS BRICS: ...

BRICS is spreading the de-dollarization initiative around the world, but the majority of countries are rejecting the idea by increasingly using the US dollar for trade settlements. While countries that are like-minded to BRICS are considering de-dollarization, the majority of nations don’t align with the initiative. Also Read: BRICS: U.S. Dollar Crisis Could Begin in 2025 The latest data from SWIFT payment messaging system shows that trade settlements in the US dollar have increased by 9%. That’s the most in 12 years despite BRICS trying to convince other countries to ditch the US dollar through de-dollarization. The share of the US dollar’s global payments has touched a record 49% in 2024, the highest in 12 years. Also Read: Local Currency That Challenged the US Dollar Fails, Dips 40% BRICS De-Dollarization Fails: Payments in US Dollar Surges 9%, Euro Dips 18% Source: Forbes / iStock While the US dollar’s global payments rose by 9%, the Euro’s share plumme...

The purchasing power of the US dollar is declining every year leading to inflation in the homeland. The CEO of Zang Enterprises, Lynette Zang emphasized that the purchasing power of the US dollar is eroding at an advanced speed. This comes when the BRICS alliance is looking to pin the US dollar down as the world’s reserve currency. Also Read: BRICS Currency: 40% Could Be Tied to Gold, 60% in Local Currencies Only 3% of the US dollar’s original purchasing power remains in 2024, as documented by the Federal Reserve this year. “This is what the official government data will tell us,” said Zang. This gives BRICS more mileage to take on the US dollar as its purchasing power is dwindling. BRICS: US Dollar Purchasing Power Might Fall to Zero, From the Current 3% Source: beincrypto.com Zang explained that the US dollar’s purchasing power could collapse to zero from the current 3% that it enjoys. She predicted that it could fall to zero next year in 2025. BRICS could exploit th...

The new BRICS member Iran recently confirmed that it is working closely with Russia to launch a new currency. Iranian Ambassador to Russia, Kazem Jalali, said that the Islamic Republic is participating in initiatives that can help both countries to end reliance on the US dollar. The diplomat noted that creating a single currency within the framework of BRICS is currently being worked on. Also Read: BRICS: Russia Which Called US Dollar Toxic, Imports $30 Million in USD “The creation of a new single currency within the framework of the BRICS association is what Russia and Iran are working on,” the diplomat stated. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. He explained that Iran and Russia are successful in de-dollarization as majority of their trades are settled in local currencies. “ More than 60% of bilateral trade is in rubles and rials,” he said. The Ambassador added that both the nations are at a ...

BRICS member Russia could use cryptocurrency as an official tender for trade settlements in the country bypassing the US sanctions. Russia will soon begin trials on cryptocurrency exchanges and digital tokens for cross-border transactions. The move will help ease the flow of funds into the country making its economy stay afloat. The Putin administration is looking at various ways to trample the US sanctions and the new cryptocurrency payments are one of them. Also Read: BRICS: Payments in Chinese Yuan Surpasses the US Dollar by 2.5% JUST IN: Russia to start using cryptocurrency for international transactions on September 1st. Russia plans on testing crypto payments as a way to break away from Western sanctions. pic.twitter.com/IsieM4gMXt — BRICS News (@BRICSinfo) August 27, 2024 The cryptocurrency payment trials will begin on September 1, 2024, reported Bloomberg. BRICS country Russia will use the National Payment Card System to swap its native currency, the ruble to cryptocurren...