‘How Trump Is Destroying US Dollar’: Former Finance Secretary Subhash Chandra Garg on BRICS’ Shift Towards China’s Yuan

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Source: Outlook India | Original Published At: 2026-09-10 17:41:34 UTC

BRICS’ push to reduce dependence on the US dollar and expand local-currency settlement was central to discussions around the summit in New Delhi.
Subhash Chandra Garg said India cannot create a rupee-centric BRICS payment system and is unlikely to join China’s CIPS.
He argued that China’s and Russia’s trade surpluses with India reduce incentives for them to accept rupee payments, with net settlements often made in yuan.
BRICS proposals include BRICS Pay, linking systems such as UPI, CIPS and Pix, and possible future use of central bank digital currencies, while Brazil’s common-currency proposal did not advance.
China has expanded the yuan’s international role through CIPS, offshore yuan trading and currency-swap arrangements; PIIE data show CIPS and CHATS volumes more than doubled between mid-2022 and mid-2024.
Despite the yuan’s rising share of global foreign-exchange transactions, BIS data show the US dollar’s share increased from 87% to 89%, and BRICS members may face disagreements over currency choices.