No BRICS member has safe, liquid assets deep enough to back the basket except for maybe China. 6 min readSep 11, 2026 01:16 PM IST First published on: Sep 11, 2026 at 01:16 PM IST
As India prepares to host the 18th soon, the issue of de-dollarisation, that is, substituting the dollar as a currency of trade invoicing, payment settlement, and perhaps even as a reserve currency, has again gathered steam.
China and Russia have strategic motivations to undercut American hegemony within the larger global financial order, and hence the pursuit of de-dollarisation has a strategic appeal to them. Their struggles with holding dollar reserves and settling payments are widely documented, especially in the period since Russia invaded Ukraine.
