Forex
Brics Summit Fails to Dethrone US Dollar as Global Trade Remains Dominated by USD
The 18th Brics Summit will take place in New Delhi on September 12-13, focusing on promoting alternative cross-border payment mechanisms and increasing local-currency trade settlement to reduce dependence on the US Dollar.
Intra-Brics exports have nearly quadrupled from $335 billion in 2009 to $1,197 billion in 2025. However, even if all intra-Brics trade were settled in local currencies, it would account for just 4.59% of global trade in 2025.
The US Dollar's share in global official forex reserves was still at 56.42% in 2025, despite a decline. Meanwhile, the euro and yen have seen their shares rise since 2016, while the renminbi's share has declined since 2021.