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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...

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 ...