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BRICS member China is testing the digital currency bridge (mBridge), and in the pilot tests, settled payments in just 7 seconds with Abu Dhabi. The implications are profound here, as the US and Western-dominated SWIFT payment messaging system takes a 3 to 5-day window to settle payments. In addition, transaction fees on the mBridge are 98% lower compared to the Western-backed SWIFT network. The People’s Bank of China (PBOC) is testing the mBridge, which uses the digital yuan for settlements. The PBOC announced that it would first support the digital currency bridge with all 10 ASEAN countries, and later on, be associated with other BRICS members. Apart from Abu Dhabi, China is running pilot tests of the digital currency bridge with the broader UAE and Thailand. Also Read: Historic BRICS Grain Exchange Pilot by Russia Targets US CME Monopoly BRICS Digital Currency Bridge (mBridge) Can Usher the World Into a New Financial Era marketwatch.com / GETTY IMAGES/ ISTOCKPHOTO If China enab...

The US dollar’s brand value has been tarnished by the BRICS alliance, admits Marc Chandler, Strategist and Managing Director at Bannockburn Capital Markets in New York. The bloc banded together, calling out the White House for weaponizing the greenback through sanctions and SWIFT exclusion. The recent trade wars and tariffs have made it worse for the US and easier for BRICS to point fingers at America’s wrongdoings. Also Read: BRICS Pays 43% of Peanuts Exports in the Chinese Yuan US Dollar’s Global Image Gets Tarnished by BRICS Source: Instagram Developing countries are looking up to BRICS for a solution to come out of the grip of the US dollar. The alliance is delivering its wishes through new trade deals, policies, and settlements in local currencies. “I’m not sure the dollar has lost its global standing. To me, the dollar’s brand has been tarnished,” said Chandler. In addition, the widespread discontentment towards America stems from unruly foreign polices from the ...

After multiple and relentless efforts of de-dollarization for three consecutive years, the BRICS alliance is still not able to replace the US dollar. Every attempt to end the US dollar dependence is being met with a harsh counter-attack by the White House. The Trump administration is taking the alliance by the horns and allowing it to stray away from the greenback. Also Read: BRICS Money Push Advances Despite Rivalries and Dollar Grip Top 3 Reasons Why the BRICS Alliance Is Unable To Replace the US Dollar on the Global Stage Global Trust In the USD Remains Strong Source: Pixabay The US has the world’s largest economy, and no country can survive without its support. It boasts of a strong capital market, with stocks, Treasuries, bonds, and other assets taking the top spot. The US dollar is still the most reliable ‘safe haven’, and BRICS is unable to break the stronghold. Their local currencies are barely used on the global stage and stand no chance of challenging the USD...

BRICS member China’s new payment system, Chartered Institute of Procurement & Supply (CIPS), has processed over 175 trillion Chinese yuan payments (equivalent to $24 trillion), according to the latest report from The Economist. Worldwide, over 1,700 banks facilitated the payments as the transactions rose faster than ever in 2024, up by 43% from the previous year. Banks from around the world, including from Turkey, Mauritius, and the BRICS member UAE, facilitated the Chinese yuan payments via CIPS. China recently expanded the CIPS services to Africa and the Middle East, gaining a hold in the markets. All of these are mostly operated by Chinese institutions covering payments in over 33 market sectors. Also Read: China Invests $10B in South Africa, Launching BRICS “Silicon Valley” BRICS: China Powers the Chinese Yuan via CIPS Payments Source: iStock CIPS is a large-scale payment infrastructure primarily for clearing and settling cross-border Chinese yuan payments for banks and financ...

Brazil’s President Lula da Silva convened a virtual meeting with BRICS leaders on Monday. The leaders from the 10-member alliance attended the online discussion in a show of strength. Only India’s Prime Minister Narendra Modi skipped the meet, but it was attended by Foreign Minister S Jaishankar instead. The bloc took a defiant stand against Trump’s tariffs and trade wars in an effort to safeguard its respective economies. In this article, we will highlight the key takeaways from the BRICS virtual meet. Also Read: BRICS Anti-America Strains Rise as JP Morgan Predicts US Dollar Future BRICS Virtual Meet: Key Takeaways Source: brics.tv The BRICS group criticized Trump’s trade policies, but they appeared leery of exacerbating the situation. While they assembled to exercise caution on trade, they steered clear of enraging the ‘America First’ leader. S Jaishankar maintained a balancing act, saying “Increasing barriers and complicating transactions will no...

BRICS tried to convince other countries to ditch the US dollar and use local currencies for oil payments is backfiring. Nigeria took a leaf from its playbook and announced in October that oil refiners in the country would only accept the Nigerian naira to boost their national currency. Oil refiners accepted the government’s mandate and started accepting local currencies for oil deals and cross-border settlements. Also Read: BRICS: Standard Chartered, Deutsche Bank Predict US Dollar’s Future Trouble began immediately as the Nigerian naira depreciated against the US dollar causing losses to all the oil refiners. Nigerian oil firms began showing dissatisfaction with the government’s policies and the unions and lobbies pressured the officials to reverse the mandate, so they could accept the US dollar to keep their company’s revenues and balance sheets in profits. Nigeria is now paying a heavy price in ditching the US dollar and following the BRICS agenda for oil payments. ...

Countries around the world are actively seeking alternatives to the US dollar for international trade and reserves. This current trend has dramatically increased in 2025 as numerous countries are adopting different approaches to wean themselves off the American currency, reflecting a vital change in the world’s financial system since World War II. Also Read: Goldman Says China to Hit 4.6% Growth After 90-Day Tariff Pause De-Dollarization List of Countries: Key Reasons and Global Impact Source: Watcher Guru As of writing, major economies from Asia, Africa, South America, and even some parts of Europe are following their own footsteps in leaving the dollar hegemony behind. This movement is fundamentally altering global trade patterns and also putting into question the international monetary arrangement which has been around for almost eight decades. Complete List of Countries Leading De-Dollarization Efforts BRICS and Oil Producers BRICS nations lead the global de-dollarization movement ...

Amid the de-dollarization agenda kick-started by the BRICS alliance, leading American investor and billionaire Warren Buffett hinted at the recent Berkshire Hathaway 60th annual shareholder summit on Sunday, that his investment arm is considering taking entry positions in foreign currencies, and bluntly said that the US dollar could be going to “hell”. Also Read: 24 Countries Formally Apply To Join BRICS Alliance in 2025 Warren Buffett issued a warning on the stability of the US dollar, and his statements coincide with the BRICS agenda. “We would not really invest in a currency (US dollar) that is going to hell.” The billionaire added that “a currency’s value can be a scary thing,” especially when governments act without restraint. Also Read: Russia Provides Major Update on BRICS Currency Launch BRICS: Warren Buffett Questions US Dollar’s Future, Plans to Invest in Local Currencies Source: economictimes.com The ace investor criticized the US fiscal behavior calling it...

The US pressed sanctions on Russia in February 2022 after they invaded and waged war on their neighboring country Ukraine. The sanctions were aimed at stalling Russia’s growth and bringing its overall economy and GDP down. Russia teamed up with the BRICS alliance and the bloc kick-started the de-dollarization agenda to counter the US sanctions. Also Read: BRICS: China Officially Launches Plan to Promote Its Own Payment System The BRICS bloc rewrote trade deals allowing Russia to send and accept local currencies for trade and cross-border transactions. China, India, and Saudi Arabia made use of the US sanctions and procured Russian oil and discounted prices. Saudi Arabia even brought Russian crude oil for a concession and laundered it all over Europe earning bigger profits. BRICS member India even saved $7 billion in foreign exchange by buying Russia’s crude oil at cheaper prices due to the sanctions. Therefore, the BRICS bloc mostly benefitted from the US sanctions saving an...

Two BRICS countries are closely working towards launching a common currency and sideline the US dollar for trade and transactions. Both the countries are sanctioned and re-sanctioned by the White House this year and their economy is reeling under pressure. Therefore, the duo are finding alternative solutions to keep their respective economy afloat and not go bust as sanctions hit. Also Read: BRICS: New Country Rejects Local Currency for Oil, Wants US Dollar BRICS: Russia & Iran Working Towards Launching a Currency to Sideline US Dollar Source: Breaking Defense Kazem Jalali, Iran’s Ambassador confirmed that the Islamic Republic is working closely with its BRICS counterpart Russia to create a new currency to end US dollar dependency. Jalali revealed that the creation of a new currency can uplift Russia and Iran’s economy avoiding reliance on the West. Also Read: BRICS Considers New Financial Options For Trade Settlements “The creation of a new single currency within the...

With both the BRICS economic alliance and the US engaged in a standoff, Goldman Sachs has warned that the geopolitical tension could send oil prices skyrocketing. Indeed, the presence of sanctions and de-dollarization efforts could erupt into greater economic difficulty on a global scale. US President-elect Donald Trump has not minced words regarding his feelings toward the BRICS bloc. He warned the alliance of incoming tariffs in retaliation for its efforts to abandon the US dollar as the world’s currency. Now, the bloc is facing the ongoing warning as it looks to continue navigating the presence of sanctions. Source: BBC Also Read: BRICS Fail to Challenge US Dollar in 2024: Can They This Year? Goldman Sachs Warns BRICS & US Geopolitical Tensions May Affect Oil Prices The past two years have seen the BRICS economic alliance target increased use of the US dollar. Specifically, they have called on the global south to initiate a continued effort to promote the use of local currencie...