Is BRICS Really Ditching the Dollar? What the Data Shows

Source: Modern Diplomacy | Original Published At: 2026-09-01 14:23:11 UTC

The article reports that BRICS finance ministers and central bank governors are meeting in New Delhi ahead of the September 12 summit, with cheaper cross-border payments and local-currency trade on the agenda.
It cites IMF COFER data showing the dollar's share of allocated global foreign-exchange reserves at 57.13% in Q1 2026 and the renminbi's share at 1.99%.
It says the most measurable de-dollarization is bilateral and sanctions-driven, especially Russia's trade with China and India.
It describes BRICS Pay and 'The Unit' as pilots or proposals rather than operational bloc-wide settlement systems.
It presents scenarios ranging from declaratory summit outcomes to slower structural shifts in payment infrastructure.