Posted 1/6/2024, 3:03:37 PM
BRICS Nations Taking Major Steps to Reduce Reliance on US Dollar
- BRICS nations are rapidly eliminating reliance on the US dollar through trade in local currencies and developing a BRICS currency
- Russia and China have made major bilateral trade deals in local currencies, with turnover reaching $200 billion ahead of schedule
- The US dollar has declined over the past 20 years amid BRICS' de-dollarization efforts
- At least 16 more countries are interested in joining BRICS to further weaken the dominance of the US dollar
- It's uncertain if BRICS will fully eliminate the US dollar financial system by 2024, but continued expansion could diminish its status as the global reserve currency