China announces BRICS will soon take steps to reduce dependency on US Dollar

The claim that China announced BRICS will soon take steps to reduce dependency on the US dollar is supported by multiple recent reports and analyses. BRICS countries, including China, Russia, India, Brazil, and South Africa, have expressed a strategic interest in de-dollarization to enhance financial sovereignty and reduce exposure to US dollar dominance.chinadaily.com.cnchinadaily.com.cnBRICS currency creates dilemma for the dollar - Opinioninvestingnews.cominvestingnews.comHow Would a New BRICS Currency Affect the US Dollar? At the 2024 BRICS Summit, discussions included the possibility of establishing a new reserve currency backed by a basket of member currencies as a long-term goal.investingnews.cominvestingnews.comHow Would a New BRICS Currency Affect the US Dollar?

Additionally, bilateral trade agreements increasingly use local currencies rather than the US dollar. However, experts widely agree that while these steps indicate a clear intent and gradual progress toward reducing dollar dependency, the US dollar remains dominant globally and any transition will be slow and face significant challenges.thediplomat.comthediplomat.comBRICS Currency May Not Upstage the US Dollar Anytime Soonusip.orgusip.orgWhat’s Driving a Bigger BRICS and What Does It Mean for the U.S.? The claim is accurate in describing announced intentions and ongoing efforts but should be understood as part of a complex, long-term process rather than an immediate or complete shift.