It is time for all member nations of BRICS (Brazil, Russia, India, China, South Africa, Argentina, Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates) to drop the United States dollar in favor of local currencies for financial relations and settlements, according to Russian Finance Minister Anton Siluanov this week, at the Russia-China Financial Dialogue forum in Beijing.
At the meeting Siluanov met with Lan Fo'an, his Chinese counterpart, to discuss new ways to facilitate making trade payments in local currencies rather than the U.S. dollar as part of a long-term de-dollarization strategy that aims to unseat America from global trade dominance.