✨ 2026 Shanghai Summer School (BRICS Program) students lists are now available. View Details

BRICS Summit to promote alternative cross-border payment mechanisms; dollar dominance remains far from challenged

Datanomics: Threat to $ from Brics distant shot; euro a bigger challenger
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInstitutional Development

Source: Business Standard | Original Published At: 2026-09-11 18:04:09 UTC

Key Points

  • The 18th BRICS Summit will be held in New Delhi on September 12-13 and will focus on promoting common alternative cross-border payment mechanisms.
  • BRICS members will also discuss increasing local-currency trade settlement to reduce dependence on the US dollar.
  • Intra-BRICS exports rose from $335 billion in 2009 to $1,197 billion in 2025.
  • Even if all intra-BRICS trade were settled in local currencies, it would represent only 4.59% of global trade in 2025.
  • The euro is presented as a bigger challenger to the dollar in export invoicing, while the US remains far more dominant in forex transactions.
  • The US dollar's share of global official forex reserves was 56.42% in 2025.
  • The euro and yen have gained shares in global official forex reserves since 2016, while the renminbi's share has declined since 2021.
Scroll to Top