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The global foreign exchange market conducts transactions worth $7.5 trillion a year, according to the Bank for International Settlements latest triennial survey. The US dollar takes the majority of the share, with 88% of all foreign exchange transactions being settled in it. Therefore, the usage of the USD in foreign exchange transactions is $6.6 trillion, which BRICS is aiming to overtake. On the other hand, BRICS member China’s local currency, the yuan, is used in only 7% of all global foreign exchange. The euro takes the second spot at 30.5% of all FX transactions yearly. The sum of volume can exceed 100%, indicating how often each currency is used on either side of a trade. Also Read: India Confirms BRICS De-Dollarization Efforts Despite Trump’s Pressure BRICS Falters in the Foreign Exchange Market, No Match for the USD Source: Getty Images The development indicates that the BRICS alliance must position their local currencies to be used more than $6.6 trillion in the foreign e...

The BRICS alliance is set to announce a new guarantee fund to boost investments among member countries. The guarantee fund will be backed by the New Development Bank (NDB) to lower financing costs, reported Reuters. The program is similar to the World Bank’s Multilateral Investment Guarantee Agency (MIGA) which addresses investment shifts when there’s uncertainty surrounding the White House’s economic policies. The BRICS guarantee fund will lower the cost of financing as it will be an in-house disbursement. Brazil, which hosts the 17th summit could open the dialogue keeping the new guarantee fund as the centerpiece of the financial agenda. The funds are expected to be announced during the summit in Rio de Janeiro, said two sources close to the matter. Also Read: India Made a Smart Move by Rejecting BRICS Currency: Analyst BRICS Multilateral Guarantee (BMG) Fund to Be Announced During the 17th Summit Source: eastmojo.com The new fund will be named BRICS Multilateral Gua...

BRICS member China is negotiating a new economic deal with 53 African countries that will eliminate all tariffs and give special market access. The latest development could significantly benefit all the least developed countries (LDCs) in Africa and boost their respective economies. “China is ready to welcome quality products from Africa to the Chinese market”, said the Foreign Ministry. The duty-free market access to BRICS member China could make African countries rewrite policies that benefit the two nations. The Xi Jinping administration is leveraging the dissatisfaction with Trump’s policies and is pulling emerging economies into its fold. The new Pew Research Center report shows that 66% of countries have no confidence in Trump’s global policies. Only 24 countries show confidence in Trump and trust him to “do the right thing in world affairs.” Also Read: BRICS Bank Plans To Disburse Loans in National Currencies China knows that a handful of coun...

The US cannot afford to lose the dollar’s reserve currency status as the reaction would be devastating for the economy. The White House, the Federal Reserve, the US Treasury, and all other institutions will face scrutiny. The major impact will be felt by American businesses and the general public, as inflation is expected to soar across the homeland. The development would lead to job cuts and a stock market crash that would make 1928 feel like a child. BRICS is trying hard to topple the US dollar and replace it with local currencies. Also Read: BRICS vs G7: Who Is Richer in 2025? BRICS: Here’s What Will Happen If the US Dollar Loses Its Reserve Currency Status Source: News18.com Demand For the US Dollar Will Drop Not just BRICS, but all developing countries will stop buying the US dollar and avoid keeping it in their reserves. Emerging economies will use their national currencies for trade settlements and strengthen their GDP. Local currencies will start surging in the forex...

Saudi Arabia is dipping its toes on both sides of the aisle by blowing hot and cold with the US and BRICS. The Kingdom of Saudi Arabia had paused the BRICS invitation by not providing a straightforward answer about joining the bloc. It is maintaining a friendly stance with both the US and the alliance and leveraging various trade deals to its benefit. The Kingdom wants the help of both to keep its Vision 2030 target afloat. Also Read: BRICS: Only 33% of Trade Settled in US Dollars The nation is diplomatically sitting on the fence and pausing BRICS membership to seal trade deals with the US. The Mohammed bin Salman-led government sees more value in the US but also wants the support of the alliance. They are weighing the pros and cons of the bloc before giving out a final decision and are hedging the invite to their advantage. This gives the kingdom ample room to initiate deals and gain the upper hand in trade policies. Also Read: BRICS Alliance: 2 New Countries Apply to Join Before 2025...

Goldman Sachs analyst has provided a gloomy prediction for the US dollar as BRICS aims to topple the US dollar from the world’s reserve currency. The US dollar is the worst-performing currency in the forex markets as the DXY index dipped below the 100 mark. It hit a low of 98.06 after falling from a high of 109.40 early this year. The greenback has dipped nearly 9% year-to-date and eight out of nine leading currencies outperformed it in 2025. Also Read: BRICS Makes Huge Announcement On New Payment System Source: MarketWatch BRICS: Goldman Sachs on The US Dollar’s Future: ‘Weakness Is Here To Stay,’ Says Analyst Source: iStock Kamakshya Trivedi, Head of Global FX at Goldman Sachs said that the US dollar’s weakness is here to stay. Trivedi explained that the geopolitical winds have changed as emerging economies are now looking at their own benefits similar to how the US does on foreign policies. The Goldman Sachs analyst remains bearish on the US dollar as B...

BRICS expansion could be a major topic of discussion as the total number of countries expressing interest in joining the alliance is growing in 2025. The 17th summit is scheduled to be held on July 7 and 8 in Brazil’s Rio De Janeiro. The 10-member bloc will decide the future of the alliance, and all decisions will be based on consensus. Also Read: BRICS: 2 Countries Settle Oil Trade in New Currency, Discard US Dollar A BRICS expansion in 2025 could also accelerate de-dollarization as more countries look to end reliance on the US dollar. Apart from the sanctions, Trump’s recent tariffs are also making emerging economies distrust the White House policies. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade. Also Read: BRICS: When Barack Obama Predicted the US Dollar’s Future 44 Countries Show Interest to Join BRICS as Expansion Talks Grow in 2025 Source: ShutterStock Vietnam is the 44th country that has expressed interest in join...

BRICS members Brazil and China have officially agreed to settle cross-border payments in local currencies rather than the US dollar. Brazilian authorities support expanding the use of national currencies and are looking at opportunities to increase the payment option. The Luiz Lula da Silva administration is gearing up to end reliance on the US dollar before the upcoming summit. Also Read: BRICS: New Country Rejects Local Currency for Oil, Wants US Dollar BRICS: Brazil & China Look at Local Currencies For Trade Settlements Source: iStock Both the BRICS members Brazil and China are drawing plans to push local currencies forward for mutual payments. Brazil’s Secretary of the Finance Ministry Tatiana Rosito said that some trade between the two countries is already being settled in national currencies and not the US dollar. Lula da Silva had previously stated that the alliance must slowly end dependency on the US dollar. Also Read: BRICS Considers New Financial Options For Trade Settl...

The BRICS alliance continues to discuss new and alternative payment options to challenge the US dollar on the global stage. Russian Foreign Minister Sergey Lavrov confirmed that the alliance is looking to create a trans-border payment initiative. The idea is being discussed at the initiative of Brazil, which will host the 17th summit in Rio De Janeiro on July 6-7, 2025. Brazil will chair the upcoming summit to promote reform in global governance. Also Read: BRICS: Russia Explores Major Partnership With the U.S. BRICS vs the US Dollar: Alternative Payments Being Discussed Source: Cryptopolitian.com Suggestions to create a trans-border payment initiative are being floated by Brazil and could discuss the prospects at the upcoming summit in July. BRICS is looking for a payment settlement other than the US dollar and usher into a new global financial infrastructure. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: De-Dollarizat...

The latest report from the Economic Times indicates that demand for the US dollar is rising in foreign banks despite the BRICS alliance aggressively pushing the de-dollarization agenda. The US dollar is gaining strength in the currency market as the DXY index reached an all-time high of 107.06. However, the USD is cooling down after hitting a peak and is currently trading at 106.55. Also Read: BRICS Countries Gain Influence Over G20 The BRICS agenda of toppling the US dollar is failing as their local currencies are reaching all-time lows. The Indian rupee has fallen to its lowest price point of 84.47 this week as the USD is strengthening in the charts. Even the RBI intervention failed to save the Indian rupee from crashing. The Chinese yuan has also fallen to a seven-month low against the greenback. Also Read: 4 New Countries Show Interest To Join BRICS Alliance BRICS: US Dollar Gains Demand in the Currency Market Source: Freepik.com The deprecation of local currencies is making foreig...

The BRICS alliance has extended the red carpet welcoming like-minded NATO countries to join the alliance. The development could lead to a paradigm shift in the global financial sector if Western nations join the bloc. The tug-of-war between developing countries and developed Western nations has gone full throttle after the bloc kick-started the de-dollarization agenda. Also Read: BRICS: 85% Trade Settled in Local Currencies, Not US Dollar The White House pressed sanctions on Russia in 2022 for invading Ukraine. However, Russia bypassed the sanctions by selling crude oil at discounted prices to BRICS members since then. Even Saudi Arabia purchased Russian oil from the BRICS member at cheaper rates and laundered it all over Europe, who are mostly NATO members. Also Read: 3 US Sectors To Be Affected If BRICS Ditches the Dollar For Trade NATO Members Can Join BRICS, Says Diplomat Source: NATO Russian spokesman Dmitry Peskov took a jibe at the West for not allowing member countries to join ...

The BRICS summit is scheduled to be held from October 22 to 24, 2024 in the Kazan region of Russia. The 16th summit will see nine countries at the table to discuss issues about trade and opportunities to use local currencies. Four new nations joined the bloc this year which includes the UAE, Egypt, Ethiopia, and Iran. Argentina rejected the membership while Saudi Arabia has kept the decision to join pending. Also Read: BRICS: 40 Countries Want To Ditch the US Dollar On the heels of the BRICS 2024 summit, more than 40 countries have expressed their interest to join the bloc. While around 25 countries have formally submitted their applications, nearly 15 nations have informally expressed their desire to be a part of the alliance. Most of these nations hail from Asia, Africa, and South America. Almost all the countries that are interest to join the bloc wants to end reliance on the US dollar and promote local currencies for trade. Read here to know how many sectors in the US will be affec...

India is stretching its arm towards ASEAN nations, embracing the collective bloc by forging strategic collaborations. Indian Prime Minister Narendra Modi is scheduled to embark on an ASEAN tour soon, which outlines how valuable the southeast is to India regarding mutual trade and commercial proceedings. Also Read: Investors Pivot To ASEAN Amid Weak US Data Assumptions Act East Policy: India-ASEAN’s United Front Source: George Chan / SOPA Images / LightRocket / Getty Images Modi’s Diplomatic Mission to Southeast Nations Modi’s visit to the Southeast Nations is a testament to their age-old cultural mechanisms and heritage. PM Modi will soon be visiting Singapore and Brunei Darussalam, two prominent ASEAN nations, in the quest to launch compelling new collaborations that may help benefit the nations involved. Strengthening Ties Through Act East Policy To foster this narrative, India launched the Act East Policy, an undertaking in which India would float crucial policies to strengthen its ...

Inspired by the BRICS de-dollarization agenda, Zimbabwe launched a new gold-backed currency, the ZIG, early this year to take on the US dollar. The gold-backed currency was launched in April 2024 to reduce the circulation of the US dollar in the country. Surprisingly, ZIG is gaining steam across Zimbabwe and 40% of payments are being initiated in the new currency by citizens. Also Read: More Than 50 Countries Could Accept BRICS Payment System While 40% of payments are being settled by citizens, the government settles 80% of transactions in the gold-backed ZIG. This comes from the playbook of BRICS where the alliance aims to make the US dollar a secondary currency. The bloc convinces developing nations to use local currencies to strengthen their economies. Also Read: 47 Countries Ready To Join the BRICS Alliance BRICS: Gold-Backed ZIG Currency Grows in Zimbabwe, Only 60% Transactions Settled in US Dollar Source: news.bitcoin.com ZIG has eaten up 40% of all transactions leaving the US do...