BRICS isn’t killing the dollar. The world is learning to live without it
Cooperation areas
Source: The Economic Times | Original Published At: 2026-10-01 17:32:11 UTC
Key Points
- BRICS aims to reduce reliance on the US dollar by facilitating trade settlements in member countries’ own currencies.
- BRICS has expanded to 11 members plus partner countries, making local-currency settlement a visible part of de-dollarisation.
- Russia and China increasingly use the rouble and renminbi in energy trade, while India and Russia have developed rupee and rouble settlement mechanisms for oil purchases.
- China is promoting the renminbi in energy and trade exchanges to create alternatives to dollar transit and reduce sanctions exposure.
- The US dollar remains dominant, but de-dollarisation is gradually diversifying global reserves and reducing reliance on US Treasury bonds.
- Norway’s sovereign wealth fund proposal to lower government-bond exposure is a signal of diversification rather than an outright exit from the dollar.
- The main risk for the United States is slower foreign demand for US debt amid rising financing needs, not the immediate disappearance of the dollar.