1 storiesMacro, Rates & FX

BRICS alternatives to dollar no longer a 'fantasy,' economist O'Neill says

6 Jul · 8:06 PMwindow 24h

IN SHORT

Economist Jim O'Neill, who coined the BRIC acronym, stated that alternatives to the dollar among BRICS nations are no longer a 'fantasy' due to advances in payment technologies. He noted that while the symbolism is powerful, concrete achievements beyond the New Development Bank have been limited.

Frequently asked questions

BRICS is an acronym for Brazil, Russia, India, China, and South Africa, representing a group of major emerging economies.

De-dollarisation refers to efforts by countries to reduce their reliance on the U.S. dollar in international trade, investment, and central bank reserves.

The New Development Bank (NDB) was established by the BRICS states to finance infrastructure and sustainable development projects in member countries and developing economies.

What Happens Next

01BRICS+ Thinking plans to develop its own indexes and publish growth forecasts for BRICS+ economies.

02The platform aims to inform policymaking on issues from climate change and energy transition to global health and AI governance.

Get the newsletter.

Pick the topics you actually care about. We'll email when there's news worth your time, on the cadence you choose. Cancel any time from your account.

Cadence

CME Headlines

10-Year Treasury futures slipped as yields held at 4.48%.
6 Jul · 8:25 PM

Frequently asked questions

BRICS is an acronym for Brazil, Russia, India, China, and South Africa, representing a group of major emerging economies.

De-dollarisation refers to efforts by countries to reduce their reliance on the U.S. dollar in international trade, investment, and central bank reserves.

The New Development Bank (NDB) was established by the BRICS states to finance infrastructure and sustainable development projects in member countries and developing economies.

BRICS alternatives to dollar no longer a 'fantasy,' economist O'Neill says

PiQ Daily

Frequently asked questions

+ What does BRICS stand for?

+ What is de-dollarisation?

+ What is the New Development Bank?

What Happens Next

Get the newsletter.

BRICS alternatives to dollar no longer a 'fantasy,' economist O'Neill says

PiQ Daily

Frequently asked questions

+ What does BRICS stand for?

+ What is de-dollarisation?

+ What is the New Development Bank?

What Happens Next

Get the newsletter.

All stories in this theme