1. De‑Dollarization: The Broader Trend Before diving into exchanges and gold, we need context: the project belongs to a broader effort known as de‑dollarization — that is, reducing dependence on the U.S. dollar in international trade, reserves, and financial infrastructure. The share of global foreign reserves held in dollars has steadily declined over decades. More than 90 countries are reported to have adopted at least partial measures to conduct trade in other currencies like rubles, rupees, yuan, etc. Within BRICS itself, it’s claimed that up to ~65% of trade now uses local currencies rather than the dollar. Still, most analysts caution that full replacement is a long road — many members pursue a partial disintermediation of the dollar rather than…
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