Posted 11/26/2023, 2:00:22 PM
BRICS Nations Taking Steps to Reduce Reliance on US Dollar
- BRICS announced plans to stop using the US dollar as the global reserve currency, which few took seriously at first
- BRICS countries are slowly moving towards trading in local currencies instead of dollars
- China has convinced several developing nations to settle trades in the Chinese yuan instead of dollars
- African nations are considering strengthening local currencies and ditching the US dollar for trade
- Over time, BRICS aims to erode the global dominance of the US dollar by signing more trade deals denominated in local currencies