{"id":132295,"date":"2024-06-28T19:00:04","date_gmt":"2024-06-28T16:00:04","guid":{"rendered":"https:\/\/cryptodnes.bg\/eng\/?p=132295"},"modified":"2024-07-16T14:04:30","modified_gmt":"2024-07-16T11:04:30","slug":"brics-neither-the-alliance-nor-the-euro-are-a-threat-to-the-dollar-right-now","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/brics-neither-the-alliance-nor-the-euro-are-a-threat-to-the-dollar-right-now\/","title":{"rendered":"BRICS: Neither the Alliance nor the Euro Are a Threat to the Dollar Right Now"},"content":{"rendered":"<p class=\"gt-block\">The report &#8220;<em>Dollar dominance overview<\/em>\u201d indicates that the US currency maintains its superiority in global foreign exchange reserves, trade invoices and foreign exchange transactions. It is expected to remain the world&#8217;s dominant reserve currency for the foreseeable future.<\/p>\n<p class=\"gt-block\">The recent strengthening of the US dollar&#8217;s global position has been driven by a strong US economy, tighter monetary policies and heightened geopolitical uncertainty, despite efforts by BRICS countries to switch to other currencies.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"gt-block\">\u0412\u00a0<strong><a href=\"https:\/\/www.atlanticcouncil.org\/programs\/geoeconomics-center\/dollar-dominance-monitor\/\" target=\"_blank\">the report<\/a><\/strong>\u00a0it is also emphasized that the Western sanctions against Russia, imposed by the G-7 after the Russian invasion of Ukraine, have prompted the BRICS countries to seek a currency union. However, they have not yet made significant progress in reducing their dependence on the dollar.<\/p>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n<p>The BRICS Union has faced challenges in advancing de-dollarization. The report notes that China&#8217;s Cross-Border Interbank Payment System (CIPS) has expanded significantly, adding 2023 direct participants from May 2024 to May 62, reaching a total of 142 direct and 1394 indirect participants.<\/p>\n<p class=\"gt-block\"><strong><a href=\"https:\/\/cryptodnes.bg\/en\/brics-suizut-vajno-suobshtenie-novata-platejna-sistema\/\">Negotiations<\/a><\/strong> for an internal union payment system are still in their infancy, and although bilateral and multilateral agreements within the group could eventually lead to a currency exchange platform, these agreements are complex and not easily scalable, the report said.<\/p>\n<p class=\"gt-block\">The report also mentions that the euro, which once\u00a0<strong><a href=\"https:\/\/www.reuters.com\/markets\/currencies\/us-dollars-dominance-secure-brics-see-no-progress-de-dollarization-report-2024-06-25\/\" target=\"_blank\">looked at<\/a><\/strong>\u00a0as a potential rival to the dollar, is losing ground as an alternative currency. In response to geopolitical risks, such as sanctions against Russia, reserve managers are increasingly turning to gold instead of the euro. In addition, concerns about macroeconomic stability, fiscal consolidation and the lack of a single European capital market are weakening the international role of the euro.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The US dollar remains the world&#8217;s leading reserve currency, with neither the euro nor the BRICS countries significantly reducing the world&#8217;s dependence on it, according to a recent analysis by the Atlantic Council&#8217;s Geoeconomics Center.<\/p>\n","protected":false},"author":3,"featured_media":132286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[60],"tags":[],"class_list":["post-132295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BRICS: Neither the Alliance nor the Euro Are a Threat to the Dollar Right Now - 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