BRICS bloc eyeing expansion in Africa, another challenge to the US-led international order and Putin’s return to the world stage.
Russian President Vladimir Putin recently hosted 36 nations at an expanded BRICS summit. Keen to ease the pressure of Western sanctions, the Kremlin leader floated the idea of an alternate international payments system to the powerful US dollar, a key American trade tool and political weapon.
At present roughly 8 in 10 global trades (equities, fixed income, commodities, currencies and more) involve the greenback, according to Bloomberg Market Concepts.
UBS chief executive Sergio Ermotti says that central banks buying up gold and adding to the commodity’s record rally is a sign of diversification away from the dollar. Many investors suspect BRICS nations to be behind the move.
BRICS Challenges Global Order