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    Home » BRICS Nations Current EU and Euro Pose No Threat to US Dollar
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    BRICS Nations Current EU and Euro Pose No Threat to US Dollar

    By adminJun. 28, 2024No Comments2 Mins Read
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    BRICS Nations Current EU and Euro Pose No Threat to US Dollar
    BRICS Nations Current EU and Euro Pose No Threat to US Dollar
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    The recent analysis from the Atlantic Council’s GeoEconomics Center shows that the US dollar remains the world’s leading reserve currency, with no significant decrease global reliance on the dollar by the euro and BRICS countries.

    The report “Overview Dollar Dominance” indicates that the dollar maintains its dominance in global foreign exchange reserves, trade invoices, and forex transactions. is expected to remain the world’s primary reserve currency in the foreseeable future.

    Despite efforts by BRICS countries to shift other currencies, strong US economy, tightening monetary policies, and geopolitical uncertainties have driven recent strengthening of the’s global position.

    The report also emphasizes that after Russia’s invasion of Ukraine prompted G countries to impose sanctions on Russia, it led BRICS nations to seek a currency alliance However, they have not made significant progress in reducing reliance on the US dollar.

    Read:


    US inflation data anticipates continued rise in oil prices
    Challenges face BRICS alliance in promoting de-dollarization. The report points that China’s Cross-Border Interbank Payment System (CIPS) has significantly expanded its scale; from April 2023 to April 2024 added 1,394 new direct participants for a of 1,424 participants and 698 indirect participants.
    Negotiation
    As internal alliance payment systems are still at an early stage, while bilateral and multilateral agreements within groups may eventually form a currency exchange platform within them. These agreements are complex and not easily expandable.

    The report also mentions that once considered potential competitors to the dollar as an alternative are losing ground. In response to geopolitical risks such as sanctions against Russia, reserve managers increasingly turn to gold rather than euros. Additionally concerns about macroeconomic stability, fiscal rectitude and lack of a single European capital market are undermining Euro’s international status.

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