The Brics de-dollarisation push
Leaders of the 11-nation BRICS bloc issued a 45-page New Delhi Declaration at their summit in India, pledging to continue building cross-border payment infrastructure to reduce reliance on the US dollar in trade settlements, but stopping short of endorsing a common BRICS currency. The bloc's Payment Task Force was directed to keep developing systems for 'fast, low-cost, more accessible, efficient, transparent and safe' cross-border payments and messaging channels, while member states discussed using local currencies for trade and investment; Indian Prime Minister Narendra Modi said no member objected to the declaration's text. Indian Ministry of External Affairs secretary Sudhakar Dalela explicitly confirmed 'there is no proposal in the BRICS for a BRICS currency, as of now.' Analysts said the lack of a common-currency push reflected a more pragmatic shift in de-dollarization strategy -- building practical payment infrastructure rather than pursuing a symbolic shared currency -- occurring against the backdrop of the Trump administration's tariff and sanctions policies.
Follow this story on the globe
As it ran
14 September 2026
- Hong Kong Mark Six jackpot dispute, Brics finds common ground: 5 weekend reads South China Morning Post
- Brics pivots to pragmatic de-dollarisation via payment links: analysts South China Morning Post
12 September 2026
- Under Trump’s shadow, Brics takes step towards de-dollarisation South China Morning Post
- Brics members find common ground on AI, trade and de-dollarisation push South China Morning Post