Global Currency
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BRICS and the Shift Away from Dollar Dependence
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For nearly a century, the U.S. dollar has dominated global trade and finance, accounting for 59% of global foreign exchange reserves as of 2024 (IMF, 2024). In response to this enduring dominance, BRICS — an alliance of five major emerging economies: Brazil, Russia, India, China, and South Africa — is…
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Internationalizing the RMB
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A 2012 report from the International Monetary Fund explains the conditions for and progress toward the internationalization of the Chinese renminbi (RMB).