the fact that many countries have eliminated the dollar in international trade in recent years is showing that the dollar is gradually losing its position.
Keep in mind that they haven't "eliminated" dollar from their international trades, they have decreased its usage. For example China as the biggest bagholder of US debt has dumped $175 billion of it last year but they are still bagholding more of it.
As you correctly pointed out, this is a gradual move where every country goes through the dedollarisation process.
The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.
China USD reserves are around 3 Trillon USD, so China itself will suffer huge blow if dollar collapse unless they get rid of there all USD holdings.
Meanwhile there are news that 40 more countries are in line to join BRICS and this is enough to prove that the platform is getting popular globally. The most interesting part is that gulf countries are also taking interest in joining BRICS and if that happens then what will be fate of billion of USD that belongs to gulf countries but residing in US banks?
Yep,
to be precise, 22 countries have already submitted official applications for membership in the BRICS and about the same number of informal applications. If all these requests are granted, BRICS will become not only the largest economic alliance in the world, but will also take a dominant position. I have already said earlier that the most interesting moment in the upcoming BRICS summit will not be the creation of a common BRICS currency (this is a very difficult project to implement and a matter for a more distant future), but in what architecture the BRICS will expand, because the issue of expansion itself has actually already been decided. Simply put, will the expansion continue in a peer-to-peer manner, as was already the case with South Africa's entry into the alliance, or will it be a second-level architectural solution. We'll see soon.
About BRICS dominance is a very funny joke.
No, I understand that a lot of people, instead of improving the life and economy of their country, are living the dream of "the collapse of the USA", and constantly consuming their products, goods and technologies, thus supporting the USA
I don't understand how people try to make wishful thinking so primitively.
Dominance is possible if someone/something is more powerful, stable, and wealthy.
Now just look at this "alliance" - It seems that only India's economic situation is more or less good today. And the rest are either global problems or fakes
China is a huge internal economic problem. They found a way out, to pull the yuan on all "BRICS test subjects", exporting inflation and problems to them.
Russia is just a fake country and a pariah.
Brazil - wave after wave of economic crises are hitting the economy
If I am wrong - correct me, and provide data on the stability of other potential participants of this "union to save china"
