Posted 12/17/2023, 1:30:00 PM
BRICS Expansion Fuels Concerns of Growing Efforts to Move Away from Dollar
- BRICS expansion with new members could amplify dedollarization efforts, alarming US policymakers
- Traditional US allies like Egypt, Saudi Arabia, UAE exploring dedollarization with China's help
- BRICS access to new trade affiliations can promote alternative currencies
- Expanded BRICS now connected to 90+ countries collectively via trade organizations
- Global coordination against dollar would impact US fiscal health and limit federal deficits