The BRICS alliance is exploring alternatives to reduce dependence on the US dollar, including settling trade in local currencies, developing a gold-backed settlement system called "UNIT," and planning for BRICS currencies. However, the US dollar still dominates, accounting for up to 80% of global trade and 58% of world foreign exchange reserves, and complete replacement of the dollar is considered a distant goal.
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The BRICS alliance is exploring alternatives to reduce dependence on the US dollar, including settling trade in local currencies, developing a gold-backed settlement system called "UNIT," and planning for BRICS currencies. However, the US dollar still dominates, accounting for up to 80% of global trade and 58% of world foreign exchange reserves, and complete replacement of the dollar is considered a distant goal.