China, Russia-Led Bloc Wants to Dethrone Dollar

The BRICS bloc of countries led by China and Russia want to upend the U.S. dollar. Indeed, South Africa’s ambassador to the group could not have been clearer last month when she said, “The days of a dollar-centric world is over. That’s a reality. We have a multipolar global trading system today.”  It is the bloc’s strategic ambition to stand up a joint BRICS monetary unit akin to the Euro.