GAME-CHANGING MOVE! BRICS Nations Lead the Charge: Reshaping Global Finance.｜AsianQuickTake

In this episode, we explore the pivotal role of BRICS nations in shaping a multipolar financial system and leading the charge in de-dollarization. Over the years, the dominance of the U.S. dollar has allowed the United States to offload its domestic debt risks and expand its global influence. However, discontent among nations has been growing due to the dollar’s limitations and its impact on the global economy. The 15th BRICS Summit emphasized the use of local currencies for international trade and financial transactions, sparking discussions about BRICS currency cooperation and a potential gold-backed common currency. More than 40 countries are showing interest in cross-border transactions involving this common currency, strengthening their connections with the Chinese Renminbi and gold. Iran, for instance, sees the potential benefits of a gold-backed common currency and plans to bolster its gold reserves. Iran’s foreign exchange practices now prioritize the Renminbi over the U.S