Reducing Dollar Reliance In Focus, Currencies Gain
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Leaders of the BRICS nations will focus on ways to reduce dependence on the US dollar when they meet starting Tuesday, South Africa said. The rand advanced after the bloc’s bank agreed to lend $1 billion to a state-owned company.
Brazil, Russia, India, China and South Africa will also discuss enlarging the group of major emerging market powers at the Aug. 22-24 leaders’ summit. While the dollar’s demise has been mooted many times in recent years, so far other pretenders have been competing among themselves and there’s no conclusive evidence for a structural dollar decline.
