The upcoming BRICS Summit in October might shake up global trade by exploring a plan to reduce reliance on the U.S. dollar among its member countries and potentially introduce a new type of currency based on a mix of different currencies. While the details are still fuzzy, the move could impact how countries like India and China handle their trade and finances, possibly reducing the dollar's dominance and affecting China's influence. This change could transform international trade dynamics and challenge the current financial order.

If the Hindu Business Line’s source is correct, then the next summit will reaffirm its members’ voluntary right to de-dollarize their trade with each other (thus not obligating them to be drawn into the yuan’s orbit) and possibly make progress on a BRICS currency basket.

The Hindu Business Line cited an unnamed official to report on Monday that October’s BRICS Summit in Russia’s Kazan might see a non-binding agreement on de-dollarizing t...