At the July 2025 BRICS summit in Rio, key members rejected a single settlement currency, exposing deep splits over efforts to move away from the U.S. dollar. India and China declined a common BRICS unit, citing economic stability and existing trade ties as reasons for resistance.
Piyush Goyal stated the Indian position clearly when he said, “Imagine us having a currency shared with China. We have no plans. It is impossible to think of a BRICS currency.” India has repeatedly framed de-dollarization as outside its economic policy.
Jaishankar Subramanian, India’s External Affairs Minister, also emphasized policy limits when he said, “We have never actively targeted the dollar. That’s not part of either our economic policy or our political or strategic policy.” His remarks date to October 2024 and underline caution.
China has pushed a separate path by promoting yuan internationalization since 2008 and signing many swap agreements. Its Cross-Border Interbank Payment System lists 184 direct participants across 167 countries, and at least 80 central banks hold roughly $274 billion in yuan reserves.
Vladimir Putin has noted limits to a common currency, saying, “I have heard a lot of discussion among experts and in journalistic circles about creating a single currency, but it is too early to talk about this, and we don’t have such goals among ourselves right now.”
Chintamani Mahapatra summarized institutional hurdles, stating, “Unlike the European Union, we [BRICS countries] don’t have a common market. We don’t have a common trade policy. We have nothing in common.” (Ed. note: This highlights structural barriers.)
The summit’s 126-point declaration omitted joint currency plans, leaving trade largely bilateral and settled in local currencies, with over 95 percent of some bilateral trade already conducted without the dollar.
