Is the world challenging the U.S. dollar’s dominance?
Over the last decade, several nations worldwide, led primarily by Russia and China, have ramped up efforts to kick their dependence on the chief international reserve currency. From diminishing the prevalence of non-dollar transactions to reducing dollar holdings in foreign exchange reserves, states are employing measures to erode the buck’s influence in worldwide trade.
Jim O’Neill, a former chief economist at Goldman Sachs, suggested that the BRICS (Brazil, Russia, India, China, and South Africa) bloc should expand its presence and enhance the alliance’s work to threaten the greenback hegemony in global financial markets….