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BRICS Dedollarization: Rhetoric Versus Reality
Tue, January 23rd, 2024
Washington, DC
As the BRICS bloc grows to include Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, this year could bring about greater renminbi use across emerging markets—thanks in part to the growth of renminbi financial channels across BRICS countries. And with Russia recently assuming the year-long BRICS chairmanship, policy initiatives across the bloc aimed at dedollarizing emerging markets appear likely to accelerate. Yet some countries, India in particular, appear reluctant to embrace the renminbi’s rise. Could geopolitical tensions limit the renminbi’s update across BRICS economies? Also, how will BRICS dedollarization efforts proceed across a bloc that now includes two countries with dollar-pegged currencies? How should U.S. policymakers respond to policy efforts across BRICS economies aimed at reducing dollar usage and increasing the use of local currency financial channels?
Adam J. Szubin, Sydney Maki, and Carnegie nonresident Robert Greene will discuss these issues and review new Carnegie research that profiles a flurry of ongoing policy efforts by BRICS economies aimed at growing local currency use and reducing reliance on the dollar in emerging markets.
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
Event Speakers
Robert Greene
Nonresident Scholar, Asia Program and Technology and International Affairs Program
Robert Greene is a nonresident scholar at the Carnegie Endowment for International Peace’s Technology and International Affairs Program and Asia Program, focusing on Chinese financial sector trends and on topics at the nexus of cyberspace governance, global finance, and national security.
Adam J. Szubin
Adam J. Szubin is a professor of practice at Johns Hopkins SAIS. Previously, he served as the acting under secretary for terrorism and financial intelligence at the U.S. Treasury Department.
Sydney Maki
Sydney Maki is a markets editor for Bloomberg News, where she covers inner workings of financial assets—from bonds to stocks to currencies—around the world. She’s reported on complex negotiations surrounding sovereign debt restructurings, the economic impact of monetary policy, and the role of foreign and local currencies in emerging markets.