BRICS accelerate their transition to local currencies

The world's monetary architecture is sluggish on its foundations. By reducing the share of the dollar in their trade to 33%, the BRICS are experiencing a historical break. Their trade is now mostly based on their own currencies. Behind this shift, a strategy assumed, that of fragmenting a system dominated by the green note. This is no longer an intention, it is an ongoing movement. And it is reshaping the balances of a financial order so far und…