BRICS' Quest for Dollar Independence Hits Snags

The BRICS Summit in New Delhi on September 12-13 aims to promote alternative cross-border payment mechanisms and increase local-currency trade settlement, reducing dependence on the US Dollar (US$).

However, data suggests that the dollar remains far from being dethroned. Intra-BRICS exports have nearly quadrupled from $335 billion in 2009 to $1,197 billion in 2025, but even if all intra-BRICS trade were settled in local currencies, it would only account for 4.59% of global trade.

The US$'s share in global official forex reserves was still 56.42% in 2025, despite a decline. In contrast, the euro and yen have seen their shares rise since 2016, while the renminbi's share has declined since 2021.