The BRICS countries have been pursuing a wide range of initiatives to decrease their dependence on the dollar, raising the question of how long the dollar will last as the world's default currency.
Chinese President Xi Jinping at the 14th BRICS Summit via video link in Beijing, capital of China, June 23, 2022.
Could a new currency be set to challenge the dominance of the dollar? Perhaps, but that may not be the point.
In August 2023, South Africa will host the leaders of Brazil, Russia, India, China and South Africa – a group of nations known by the acronym BRICS. Among the items on the agenda is the creation of a new joint BRICS currency.
As a scholar who has studied the BRICS countries for over a decade, I can certainly see why talk of a BRICS currency is, well, gaining currency. The BRICS summit comes as countries across the world are confronting a changing geopolitical landscape that is challenging the traditional dominance of the West. And while the BRICS countries ha...
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