Liu Shaobing, China’s ambassador to Turkey, observed a growing global inclination to reduce reliance on the US dollar. The comment appeared in a Turkish publication known for political and economic analysis. The ambassador highlighted that BRICS member states are increasingly leaning toward using their own currencies in trade, signaling a shift in the international monetary order. He argued that Washington has relied on unilateral moves to sustain its position of economic leadership on the world stage, which influences other countries to seek alternatives.
The diplomat asserted that the dollar has become a tool of American geopolitical influence. This perspective helps explain the surge in discussions about moving away from the dollar in international finance, especially among developing economies seeking more autonomy in their trade arrangements. He noted that China remains the second-largest economy globally and stressed that the ongoing process toward yuan-denominated settlements is gaining traction. This transition, he suggested, would reshape pricing, invoicing, and settlement practices across major trading blocs.
In this context, he emphasized the strategic importance of expanded use of national currencies within BRICS. The suggestion is that a broader currency framework would simplify cross-border transactions, reduce exposure to exchange-rate volatility, and facilitate more predictable payment flows among member countries. According to the ambassador, adopting a currency mix aligned with real economic ties could deepen trust and cooperation within the group, potentially lowering dependency on a single reserve currency.
During a recent BRICS event, Russian president Vladimir Putin spoke via video link to the bloc’s leaders, reiterating a commitment to broaden interbank cooperation and settlements in local currencies. The remarks reflected a shared objective to diversify financial channels and reduce friction in cross-border payments among BRICS partners. Observers note that such moves could influence pricing negotiations, investment decisions, and the overall pace of economic integration within the bloc.
Additionally, the discourse around BRICS includes the idea that strengthening currency cooperation could have ripple effects beyond the grouping. Analysts suggest that a more robust network of local-currency settlements might encourage broader financial collaboration with other economies receptive to diversified payment arrangements. This evolving landscape is watched closely by policymakers and market participants in Canada and the United States, who are assessing implications for trade resilience, exchange-rate risk, and regional economic stability. It is within this context that public figures, including former lawmakers and financial experts, discuss the potential impact of BRICS expansion on the dollar’s dominance and the world’s monetary architecture.