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02 Oct, 2023
A handful of countries from the BRICS alliance are cutting ties with the U.S. Treasury by offloading Treasury bonds. BRICS is increasingly looking to diversify its portfolios with gold, local currencies, and other commodities such as oil and gas. The move is a hedge against U.S. economic policies that will narrow down the dollar’s ability to fund its deficit. Recent data from the U.S. Treasury Department shows that BRICS dumped $18.9 billion in U.S. Treasury bonds just this month.
02 Oct, 2023
The BRICS group of emerging nations may have wrapped up its annual summit with no common currency last month and members issuing contradictory commentary about the greenback — but it doesn't mean its drive to de-dollarize is over.
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