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Thursday, June 23, 2011

World’s Five Major Economies (BRICS) Dumped the US Dollar

World’s Five Major Economies (BRICS) Dumped the US Dollar

Hamsayeh.Net - BRICS countries have finally decided to dump US dollar in their trades and instead issue credit lines in local currencies after a meeting in Beijing - China, this week.

The move represents a major set back for the US and its Western allies since BRICS countries hold over 40 percent of the world’s currency reserves. BRICS, a major trade pact among Brazil, Russia, India, China and South Africa directly competes with similar Western alliances.

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