BRICS countries India and China agreed in the latest trade deal to use local currencies for import settlement with Maldives and not the US dollar. Therefore, $750 million worth of cross-border transactions will be paid by two BRICS members in local currencies sidelining the US dollar. The move falls in line with the BRICS de-dollarization agenda to push the US dollar below local currencies for transactions. Also Read: BRICS: China Dumps The Largest US Treasuries in History“If we can arrange up to $300 million from each (BRICS) country, that means $700 million. In conclusion, the de-dollarization initiative gained steam and the US dollar is at risk from BRICS while local currencies thrive.

Source: The Telegraph May 22, 2024 15:11 UTC