BRICS economies—including China, India, and Russia—are intensifying efforts to reduce dependency on the U.S. dollar, reshaping Asia’s currency landscape.
China is taking the lead, actively promoting bilateral trade settlements in yuan and working with several BRICS nations to circumvent traditional mechanisms like SWIFT . India, Russia, and Brazil are also exploring currency swaps and alternative platforms to support non-dollar cross-border transactions.
This move comes amid renewed wariness of the dollar’s role as a geopolitical instrument. Recent analyses warn that the dollar has often been “weaponized” in global sanctions and trade disputes . As a result, central banks and corporations in Asia are drawing nearer to alternative payment systems and regional financial architectures.
“Expect continued diversification into multiple developed currencies, though no single rival promises a quick dethronement of the dollar,” noted RBC Wealth Management .
Even so, yuan trade invoicing remains relatively small—around 2–4% of global transactions—highlighting early-stage progress . But BRICS-backed initiatives and Asia’s broader pivot suggest a growing embrace of regional currency autonomy.
