![]() Some streetjournal ecny wechat pay ecny how to# BRICS’ foremost achievements have been in the area of financial cooperation, as evidenced by the establishment of the New Development Bank (NDB), the Contingent Reserve Arrangement (CRA), and various other financial coordination mechanisms.ĭespite the breadth of the BRICS countries’ financial cooperation and their growing interconnectedness, BRICS’ activities in the monetary realm have been understudied. Yet the stakes of BRICS’ de-dollarization initiatives are particularly high. The US dollar is the dominant currency in the global financial and monetary system and affects various aspects of global affairs. As such, the dollar’s power and prestige have been central to American global leadership (see also Reference Helleiner and KirshnerHelleiner and Kirshner, 2009, p. 1). ![]() The NDB’s commitment to using local currency finance rather than solely relying on the US dollar is merely the tip of the iceberg of BRICS’ de-dollarization initiatives. Footnote 1 It is also an open question whether the accelerated de-dollarization process in Russia and China, triggered by their growing tensions with the United States, is only a temporary change, or whether it forms a broader paradigm shift in global finance. To give this some context, the share of the US dollar in Russia–China bilateral trade settlement fell from nearly 90 percent in 2015 to 46 percent in 2020 ( Reference SimesSimes, 2020). Some streetjournal ecny wechat pay ecny plus#. ![]() Some streetjournal ecny wechat pay ecny how to#. ![]()
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