FX.co ★ BRICS+ currency challenges global financial hegemony

Many economists and investors are wondering if the era of the almighty US dollar is coming to an end. The greenback faces challenges in the global financial market as some countries attempt to replace it in trade settlements with their national currencies. Some analysts believe that the currency of the BRICS+ countries could replace the US dollar in the near future. It seems unbelievable now, but time will tell. According to economists, the American currency is gradually losing its global leadership as a payment method to other countries' currencies. The currency of the BRICS+ countries is confidently catching up, aspiring to the role of an international payment medium. The advantage of this currency is its collective nature. Experts believe that the stability of the BRICS payment medium is underpinned by several major economies, rather than a single leading country, as is the case with the greenback. Earlier, analysts suggested that the Chinese yuan could replace the US dollar. However, this scenario sounds unrealistic as the yuan is losing ground against the greenback. Earlier, Russian President Vladimir Putin noted that the share of the BRICS countries in the global economy exceeded that of the G7 nations. It is possible that this trend will continue in the near future.