There has been increasing talk of the BRICS nations (Brazil, Russia, India, China and South Africa) developing a new currency that will rival the US dollar as the global reserve standard. This month, the leaders of BRICS will meet in South Africa for further discussions on the matter. Growing pressure for a new global currency comes after continued weaponisation of the US dollar in the form of sanctions and trade wars. Many countries are seeking greater independence from the US financial system. But what makes the US dollar today’s world reserve currency?

There has been increasing talk of the BRICS nations (Brazil, Russia, India, China and South Africa) developing a new currency that will rival the US dollar as the global reserve standard. This month, the leaders of BRICS will meet in South Africa for further discussions on the matter. Growing pressure for a new global currency comes after continued weaponisation of the US dollar in the form of sanctions and trade wars. Many countries are seeking greater independence from the US financial system. But what makes the US dollar today’s world reserve currency?

https://www.lowyinstitute.org/the-interpreter/de-dollarisation-shifting-power-between-us-brics