Why Brics can’t do away with US dollar even as currency cooperation rises

Brazil’s dismissal of the idea of a Brics currency signals that the bloc may continue to pursue less politically fraught monetary cooperation that stops short of challenging the US dollar’s dominance, such as swaps and seamless payment systems, according to analysts. During Brazilian President Luiz Inacio Lula da Silva’s recent trip to India, Lula sought to downplay speculation that the 10-member grouping of developing nations was drafting plans for a shared currency. In an interview with an...

By Junaid Kathju