November 27, 2023
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January 8, 2024
The alliance, now comprising ten nations since August 2023, intensifies efforts to conduct trade in local currencies and develop a BRICS currency, challenging the dominance of the US dollar.
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Founding members Russia and China lead the de-dollarization drive, fostering agreements to facilitate trade using local currencies and bypassing the US dollar.
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Russian Prime Minister Mikhail Mishustin highlights robust business ties with China, reaching a bilateral trade milestone of "$200 billion ahead of schedule," posing a significant challenge to the US dollar.
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At least 16 new countries express interest in joining BRICS, indicating a growing global sentiment against the US dollar's reserve currency status.
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Despite support for BRICS, reducing the US dollar's dominance faces challenges due to its historical role in global trade, necessitating complex and far-reaching changes.
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India faces challenges within BRICS, despite convincing 22 countries to accept the Rupee for international trade, highlighting complexities in moving away from established currencies like the US dollar and the Chinese Yuan.
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BRICS moves away from the US dollar, signaling a shift to local currency settlements and the potential introduction of its currency. This contributes to a more multipolar financial landscape.