BRICS Alliance Aims to End Dollar Dominance by Pushing Trade in Local Currencies
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BRICS alliance aims to dethrone the US dollar's dominance in global finance by launching a new shared currency.
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BRICS can challenge the dollar's supremacy even without a new currency by settling trade in local currencies instead of USD.
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If BRICS requires trading partners to pay in national currencies, USD's role will decline without a new currency.
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Use of local currencies instead of USD could allow multiple currencies to gain prominence.
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In coming years, BRICS strategy on using local currencies versus USD may tilt global order from West to East.