Post
Topic
Board Economics
Re: New currency from BRICS countries
by
pooya87
on 19/07/2023, 05:33:09 UTC
the fact that many countries have eliminated the dollar in international trade in recent years is showing that the dollar is gradually losing its position.
Keep in mind that they haven't "eliminated" dollar from their international trades, they have decreased its usage. For example China as the biggest bagholder of US debt has dumped $175 billion of it last year but they are still bagholding more of it.

As you correctly pointed out, this is a gradual move where every country goes through the dedollarisation process.

The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.