'21st century warfare involved economic weapons such as sanctions and that warrants 21st century solutions,' expert Akhil Ramesh told Newsweek.
In his first visit to China since taking office at the beginning of this year, Brazilian President Luiz Inácio Lula da Silva called on countries across the globe to ditch the U.S. dollar in favor of trading in a common currency or existing national currencies, something he did in his own trade with Beijing just weeks earlier.
And though shared geopolitical aims among the five core BRICS members and those seeking to join the expanding group are few, a common goal has increasingly emerged to provide new alternatives to Western-led institutions. For China, in particular, which is the largest trading partner of more than 120 countries, this trend makes sense.
"There may also be a desire by some of the largest developing economies such as China and other BRICS countries to emulate the dollar's success by reaping the benefits of attaining a reserve currency status for their respective currencies," Lissovolik told."The overall pie of potential de-dollarization dividends is substantial and some of the largest developing countries may well aim for getting a chunk of this pie.
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