BRICS Currency 'Plausible Alternative' to Dollar Hegemony
Efforts by countries to replace the US dollar in international trade will reach a new high when BRICS nations discuss the feasibility of introducing a common currency at a summit in South Africa later this year, Chinese experts said, noting that the move can be a fresh blow against the dollar's hegemony. | The BRICS group of nations will discuss the issue, which is likely be on the agenda of a meeting of the nations' heads of state in Johannesburg on August 22, Bloomberg reported recently, citing the foreign minister of South Africa. ● The BRICS group of nations - Brazil, Russia, India, China and South Africa - accounts for one-third of global economic output, and their combined output is larger than the Group of Seven economies by some measures. ● Experts said the desire for a currency that offers better accessibility and fairer treatment in international trade is the main objective for BRICS nations. They pointed out that the US dollar, used as a tool for the US to exercise international hegemony, has caused great uncertainty for the recovery of the world economy.
■ Thoughts on the BRICs Currency (Sasha Latypova)