Unverified reports circulating on social media suggest China announced Saturday that the BRICS economic bloc will “soon” introduce measures to reduce member nations’ reliance on the US dollar in trade and financial transactions.
The reports, which could not be independently confirmed by major news outlets, claim Beijing indicated the initiative has backing from all member economies but provided no detailed timeline or specific instruments under consideration.
The alleged announcement comes three weeks after the BRICS summit in Rio de Janeiro, where leaders from Brazil, Russia, India, China, South Africa, and five other member nations discussed alternative payment systems and increased use of local currencies.
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BRICS nations have been pursuing de-dollarization efforts for years, driven by concerns over US sanctions and what they view as the weaponization of dollar dominance. Recent summit data indicates that roughly 90% of trade between BRICS members now uses local currencies, a significant increase from approximately 65% recorded two years earlier.
The bloc has been developing BRICS Pay, a cross-border payment platform designed to facilitate transactions without relying on the dollar-dominated SWIFT system.
President Donald Trump has issued multiple warnings to BRICS nations about challenging dollar supremacy, threatening 100% tariffs on countries that attempt such moves. In January, Trump declared on social media: “There is no chance that BRICS will replace the US Dollar in International Trade.”
However, BRICS members remain divided on de-dollarization efforts. India’s foreign minister said in March that his country has “absolutely no interest” in undermining the US dollar, while Brazil has officially dropped plans for a common BRICS currency from its 2025 presidency agenda.
The US dollar still accounts for about 57.7% of global central bank reserves as of Q1 2025, according to International Monetary Fund data, and is used in approximately 88% of foreign exchange transactions, despite gradual erosion of its dominance over recent decades.
BRICS now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. The expanded bloc represents a significant portion of global economic activity and population.
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