China, Russia Spearhead Charge To Replace U.S. Dollar As Global Reserve Currency

Growth of BRICS could lead to emergence of multi-currency global financial system, economist says

  • Throughout the last ten years, numerous nations worldwide, led mainly by Russia and China, have increased efforts to kick their dependence on the chief international reserve currency. 
  • From reducing the prevalence of non-dollar transactions to reducing dollar holdings in foreign exchange reserves, states are implementing measures to erode the dollar’s influence in worldwide trade.
  • Jim O’Neill, a former chief economist at Goldman Sachs, suggested that the BRICS (Brazil, Russia, India, China, and South Africa) bloc ought to expand its presence and enhance the alliance’s work to threaten the dollar’s hegemony in global financial markets.
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