World Leaders Discuss De-Dollarization at BRICS Summit

The BRICS summit saw discussions on de-dollarization, with leaders expressing differing opinions on the matter. Brazil's President called for a common BRICS currency, while Russia's President Putin emphasized the irreversible nature of de-dollarization within the bloc. India's oil minister acknowledged the difficulty of overturning longstanding payment arrangements, and China's President Xi promoted reform of the global financial system without advocating for a replacement of the dollar. South Africa's finance minister dismissed the idea of a BRICS currency, favoring increased trade in local currencies instead. Economist Jim O'Neill criticized the notion of a common BRICS currency, citing political differences between China and India as a major obstacle.