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The writing is on the wall, the world is less inclined to use the US dollar hereafter. While the US dollar’s exorbitant privilege persists, the symbolism from the BRICS alliance throws shade on the greenback. BRICS members India and Russia are paying for oil deals in the rupee, while China and Brazil are settling soybean exchanges in the Chinese yuan. The shift is glaring, and the bloc is willingly pushing local currencies to the forefront, giving the US dollar a miss. The bloc discussed grain exchange policies to boost trade ties in the grains and agricultural sector in September. Local currencies were prominently pushed forward for settlements, putting the US dollar out of the equation. Russia and India held constructive meetings on Friday, signing major agriculture deals benefiting both countries. BRICS members China and Brazil inked trade deals for soybeans, and the transactions will be settled in the Chinese yuan, while India and Russia’s deal will be settled in the rup...

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...