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Major U.S. Sector To Be Affected If BRICS Ditches the Dollar
Vinod Dsouza
Vinod Dsouza
June 29, 2024
us dollar bill faces
Source: realmoney.thestreet.com
The BRICS alliance is looking to launch a gold-backed currency to topple the U.S. dollar. The announcement about the formation of a new currency could be unveiled at the upcoming summit in October 2024. The goal of BRICS is to create a multipolar financial world where developing countries will limited connection to the U.S. dollar.


Also Read: BRICS Outperforms the US: Becomes Top Exporter of Copper

Global trade will mainly be settled in the new BRICS gold-back currency or local currencies of other developing countries. This would help them safeguard their native economies as hoarding the U.S. dollar in reserves comes at a risk. The growing debt in the U.S. touched $34.4 trillion this month and developing nations want to distance themselves from the dollar.

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Also Read: BRICS De-Dollarization Agenda Fails: US Dollar Supremacy Intact


BRICS: Major U.S. Financial Sector To Be Impacted If the Dollar is Ditched
brics china usd us dollar currency world leaders belt and road initiative chinese yuan
Source: xinhuanet.com
The main U.S. sector to be affected if BRICS ditches the dollar is the banking and finance sector. Banks across America will be forced to take concrete measures to safeguard the prospects for the U.S. dollar. Moreover, new currency pairs could take center stage in the forex market adding more pressure on the U.S. dollar.