“The New Development Bank, a financial institution created by the BRICS bloc of emerging markets, doesn’t have any immediate plans for the group to create a common currency, its vice president and chief financial officer said.
While the members of BRICS – Brazil, Russia, India, China and South Africa – are pushing to conduct more trade between each other in local currencies, they aren’t ready to challenge the global dominance of the dollar, Leslie Maasdorp said in an interview on Wednesday with Bloomberg TV’s Haslinda Amin.”
Analyst Comment: This is in-line with our current assessments. While significant progress has been made towards upending the dollar as the world’s reserve currency, there is a great deal of infrastructure and agreements that must be expanded and codified. Additionally, there is still no clear viable alternative to the US dollar, though that could change in a relatively short amount of time.