BRICS has its foot on the gas to ditch the US dollar in 2024 and use an alternative, and China is leading the charge. The entire bloc has a focus on de-dollarization in 2024, with the development of BRICS and local currencies as well as expansion all contributing to the cause. However, during the opening months of 2024, China has been at the forefront of backing up the talk of BRICS ditching the US Dollar.
Due to its tensions with the West as well as growing Sanctions between the US and its compatriot nations, China has looked to ditch the US Dollar altogether in 2024. Just a week ago, reports from the Atlantic Council showed that China is now settling half of its trade in the Chinese Yuan. In turn, Russia has agreed that ditching the US Dollar is a top priority this year, and it supports China’s recent efforts.
China is already inspiring other countries outside of BRICS to ditch the US dollar. In Africa, China is pushing some nations to trade in the Chinese Yuan instead of USD. This in turn will reduce repayment of debts in the US greenback.
Throughout the last year, the BRICS economic alliance experienced notable growth. With more countries expected to join BRICS+ in 2024, its current nations are crucial in pushing the agenda of de-dollarization. Hence, China is taking charge of ditching the US Dollar in 2024. Russia spearheaded the BRICS de-dollarization plans after Western sanctions were imposed following the invasion of Ukraine throughout 2023.