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Nilton David, the Deputy Governor and Director of Monetary Policy of Brazil’s Central Bank, spoke about BRICS challenging the US dollar on the global financial landscape. He explained a realistic prospect of the alliance in its quest for world domination. The bloc has been consistently pushing for de-dollarization and making local currencies the centerpiece of all cross-border trade and transactions. Will this push BRICS into toppling the US dollar in the next 10 years and become a dominant force? Also Read: BRICS: Tanzania Officially Bans the US Dollar BRICS Cannot Topple the US Dollar, Says Brazil’s Central Bank Deputy Governor Source: Unsplash Brazil’s Central Bank official says that the BRICS alliance has no strong asset that can challenge the US dollar. He revealed that there are no stronger BRICS-denominated assets or currencies that can offset or replace the US dollar. David explained that the alliance cannot make de-dollarization a success even after 10 years, ...

The de-dollarization movement has found a lot of subscribers over the last decade. The BRICS bloc of nations has particularly spearheaded the move away from the US dollar. China is one of the leading countries making a move against the USD. Despite the growing distaste for the USD, there is little chance of other alternatives, at least for the time being. Let’s look at three reasons why the USD will reign supreme for the foreseeable future. Also Read: HEX Rallies 82% In 14 Days: Can It Hit $0.005 Next? 3 Reasons Why The De-Dollarization Movement Will End In Smoke 1. The US Dollar Remains Unrivaled Source: Financial Times Montage As of 2024, the USD accounts for nearly 58% of global foreign exchange reserves. The euro and yuan make up only 20% and 2.7%, respectively. The US dollar is also used for 88% of international transactions via SWIFT. The de-dollarization faced substantial headwinds on this front. 2. US Economic and Military Hegemony Source: military.com / Christopher Camero...

The US dollar is now standing at a major precipice of change. The American currency has lately been attracting many foes, ones that want to dethrone its legacy and establish themselves as the next global finance catalyst. This change has primarily been spurred due to changing financial narratives involving the rise of a multipolar currency order and a crisis of confidence in the US dollar. The USD has been touted as a currency that has been heavily weaponized, leading nations around the world to adopt de-dollarization practices to reduce their dependence on the US dollar. If this process ever accelerates and gains further momentum, here are the three currency alternatives that may end up replacing the US dollar per ChatGPT. Also Read: Two Economic Giants Team Up to Shatter US Dollar Dependence with 6 De-Dollarization Projects Three Currencies That May Dethrone the US Dollar If De-Dollarization Gains Rapid Strength 1. Chinese Yuan (CNY) Beating The US Dollar? Source: thediplomat.com Per...

The White House dynamics have become quite volatile ever since Donald Trump became the 47th US president. Trump has vigorously been pursuing ways to establish a new world order where the US pioneers all global headwinds and developments. In this wake, Trump is all set to launch reciprocal tariffs on April 2nd, with the global markets bracing for impact. Will this development end up tanking the US dollar more? Let’s find out. Also Read: Shiba Inu: What’s SHIB’s Price If Its Market Cap Equals Dogecoin National Crisis Day on April 2nd: What Is It All About? Source: MarketWatch Trump in a new post on Truth Social, boldly stated how April 2nd will be deemed a liberation day for America. This has ignited a new chain of events, with Trump gearing up to launch reciprocal tariffs on nations on the aforementioned date. In a new clip going around on X, US Treasury Secretary Scott Bessant stated how Trump is doing all he can to bolster the US manufacturing units and domains. He later shared h...

The number of countries apart from BRICS that are planning to ditch the US dollar for trade and commerce is increasing alarmingly. Developing countries worldwide are looking to use local currencies and sideline the greenback for cross-border transactions. This adds pressure on the USD as it could lose out on the supply and demand mechanism in the currency markets. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. If more nations end reliance on the currency, the cost of daily essentials could skyrocket in the homeland. The USD stands at the crosshairs of a global change that could dim its lights and send it towards the path of decline. Also Read: BRICS Makes Major Announcement on De-Dollarization BRICS: Venezuela Says 25% of Trade Can Be Conducted Without the US Dollar Source: latinamericanpost.com Venezuelan Foreign Minister Yvan Gil said that 25% of trade can be conducted without depending on the US dollar. He cited that local curren...

Despite ongoing de-dollarization efforts instituted by the global south, the US dollar has continued its ascent to start the year, with the development being bad news for the BRICS bloc in 2025. Indeed, key alliance nations like China and India have specifically suffered from the continued strengthening of the greenback. The global economy is now observing whether or not its continued increase in value can continue over the course of the next 12 months. Moreover, with US President-elect Donald Trump’s 100% tariff warning looming, how committed to de-dollarization the BRICS alliance remains to be seen. Source: Getty Images Also Read: BRICS Fail to Challenge US Dollar in 2024: Can They This Year? BRICS Get Harsh Reality in 2025: US Dollar Continues to Strengthen Over the last two years, the BRICS bloc has embraced de-dollarization like never before. With sanctions implemented by the West in 2022, the bloc has sought to challenge the region’s hegemony by embracing trade in loca...

BRICS member India is likely dumping the U.S. dollar in the forex markets to safeguard the rupee from falling, reported Reuters. The Indian rupee reached an all-time low of 85.96 on January 1, 2025, as the U.S. dollar strengthened. The development ruffled a lot of feathers in the Indian markets as the imports and exports sector took a hit. The Reserve Bank of India (RBI) directed state-run banks to dump millions worth of U.S. dollars to protect the rupee. Also Read: India Rejecting BRICS Currency On the direction of the RBI, state-run banks offloaded their U.S. dollar reserves to limit the damage to the rupee. The RBI is likely keeping a close tab on the development and is interfering in the currency markets. This is not the first time that BRICS member India has sold the USD to save the rupee, it has been accused several times of dumping the U.S. dollar. The RBI is “likely keeping a check on any sharp declines,” said a currency trader on the condition of anonymity. The sta...

Leading investment bank JP Morgan has warned that the new BRICS payment system could weaken the US dollar’s global hegemony. The bloc is working towards the formation of a new payment system called ‘BRICS Pay’ where a basket of currencies will be used to settle cross-border transactions. The yet-to-be-launched payment mechanism will not incorporate the US dollar in its systems for global trade and settlements. Also Read: BRICS: 3 Countries to Launch CBDC Currency, End US Dollar Reliance The move will boost the de-dollarization agenda and make the US dollar lose out on the supply and demand mechanism. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. JP Morgan has predicted that the US dollar could face severe challenges with the upcoming BRICS Pay system. Also Read: BRICS: India Dumping US Dollar Worth Millions To Protect Rupee US Dollar Could Face Threats From BRICS Pay: JP Morgan Source: Cryptopolitian.com Investment...

BRICS member India is most likely dumping millions of US dollar from its reserves to keep the rupee from falling. The Indian rupee touched a low of 84.13 on Tuesday, and the development is worrying the Reserve Bank of India (RBI). Reuters reported that the RBI is likely selling the US dollar worth millions in the currency markets to stop the rupee’s fall. Not just India, several BRICS countries have been accused of selling the US dollars to keep their local currency from falling. Also Read: BRICS: Shipping Firm Pays $8 Billion in Chinese Yuan, Ditch US Dollar Sources close to the development said on the condition of anonymity that India’s central bank does not want the rupee to fall below 84.15. A trader from a private bank said, “It’s quite unlikely” that RBI will allow the rupee to dip below 84.15. BRICS countries have been previously accused of interfering in the currency markets to prevent the US dollar from rising against the local currencies. Also Read: BRICS: JP Morgan Predicts...

The BRICS alliance is giving hope to developing countries that want to break away from the clutches of the US dollar. Emerging economies are facing challenges from carrying the burden of the US dollar on their backs. The latest report shows that around 40 countries are interested in joining the BRICS alliance in 2024. All these nations are emerging economies and hail from Asia, Africa, and South America. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: Purchasing Power of the US Dollar Could Fall From 3% to Zero BRICS: 40 Countries Desire to Escape From the US Dollar Dominance Source: seekguidance.org The 40 countries share a common desire, that is to escape from the dominance of the US dollar. The development indicates that several nations are disinterested in hoarding the US dollar or settling trade with it. Also Read: BRICS Currency: 40% Could Be Tied to Gold, 60% in Local Currencies The developing countries want ...

The decline of the US dollar’s value is accelerating with depleting purchasing power in 2024. A dip in the USD’s buying power could lead to hyperinflation in the homeland affecting the broader stock and commodity markets. The US dollar’s purchasing power is dwindling at a time when the BRICS alliance is looking to topple it from the world’s reserve currency status. Also Read: 23 Countries Officially Apply To Join BRICS Alliance Lynette Zang, CEO of Zang Enterprises, emphasized that the US dollar’s purchasing power is eroding. The Federal Reserve documented that only 3% of the US dollar’s original purchasing power remains in 2024. “This is what the official government data will tell us,” said Zang. This gives BRICS more mileage to take on the US dollar as its purchasing power is dwindling. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Additionally, Zang explained that the purchasing power at 3% in...

The Chinese yuan is surging rapidly in trade settlements elbowing the Euro to become the second most used currency. BRICS member China is advancing in toppling the Euro making the Chinese yuan take the spot below the US dollar. The Xi Jinping administration is aggressive in pushing its native currency on the global stage making several developing countries settle trade payments in it. Also Read: BRICS: Russia To Officially Use Cryptocurrency For Trade Settlements While recent data from Bloomberg shows that the Chinese yuan outperformed the Euro in April 2024, it reclaimed the share again in June. The latest data from the payment messaging system SWIFT highlights that the Chinese yuan approached nearly 6% in April 2024. Trade payments in the Chinese yuan increased by 13.37% in June retaining the second place only below the US dollar. The development comes at a time when BRICS is looking to dim the lights on the US dollar and the Euro and make the Chinese yuan and other local currencies ...