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Also Read: BRICS Nations Intensify Efforts to Dump US Dollar in Protection of Rupee
JP Morgan Warns of Potential US Dollar Threat from BRICS Payment System
Source: Cryptopolitian.com
JP Morgan's latest report highlights that the BRICS payment system could significantly advance the global push for de-dollarization. The investment bank suggests that, in addition to BRICS member countries, other nations might increasingly turn to this new payment structure to settle international trade, further diminishing the US dollar's dominance. The report notes that the shift toward using local currencies in global oil transactions, which began gaining momentum in 2022, could accelerate if emerging markets recognize the benefits of using the BRICS system to strengthen their national currencies.7
"Signs of de-dollarization are already emerging within the commodities market, where energy transactions are progressively being priced in non-USD currencies," JP Morgan's report reveals. "New international payment platforms are also enabling cross-border exchanges that bypass US banks, potentially undermining the dollar's global power."
Joyce Chang, Chair of Global Research at JP Morgan, emphasized that the de-dollarization movement is no longer theoretical but a growing reality in emerging markets. She added, "The narrative surrounding the erosion of the US dollar’s status as the world’s reserve currency has gained significant traction, particularly as the global economy becomes more fragmented into trade blocs in the wake of the Russia-Ukraine conflict and escalating US-China tensions."
