The share of BRICS in the world economy is growing rapidly, as well as the political weight of these countries in the international arena. Dollar payments between Brazil, Russia, India, China and South Africa in this context are seen as already being anachronistic, and no longer meet today's realities in which BRICS countries are gradually becoming the new poles of power on a par with the United States. Therefore, the national currencies of these countries should receive the same status which the dollar and the euro have now.
The fact that commodity markets are still bound to the dollar, and that western currency policy is also generally tied this way, are signs of an era of a unipolar world where the US was the hegemon. However, the objective political, economic and social processes in various regions indicate that this system has outlived itself. Therefore approaches currency reserve holdings as well as monetary policy in general stands to be revised. Otherwise, the world may be in a situation where the United States are rapidly losing ground as a hegemon and cannot control the global financial system, which will eventually will lead to its collapse
Due to the economic power of China. the yuan is one of the most attractive currencies to replace dollar and euro in the structure of currency reserves of Russia and other countries. Due to the problematic relations with the West that deteriorated after the Russian government started implementing a sovereign foreign policy, the practice of having significant reserves in the currencies of the member countries of NATO now seems unreasonable and even dangerous. On the contrary, stable relations with China, that have long since passed into the category of strategic, point to the prospects of development of cooperation in the financial and monetary spheres.
