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BRICS gold-backed currency: The "shock bomb" of the dollar-dominated system and real challenges. The BRICS countries are brewing plans to launch a common currency backed by gold. If this idea comes to fruition, it will undoubtedly drop a "bombshell" on the current dollar-dominated global financial system. Potential impact on the US dollar system If the BRICS gold currency is successfully implemented, it may shake the foundation of the dollar's hegemony from three major dimensions: - Directly weaken the demand for the US dollar: Currently, the US dollar accounts for 59% of global foreign exchange reserves and nearly 90% of foreign exchange transactions. Once the BRICS countries start settling energy (such as Saudi oil) and commodity trades on a large scale using the new currency, it will directly divert the core usage scenarios of the US dollar, leading to a sharp decrease in its demand. ​ - Impact on the Petro-Dollar Pillar: The petro-dollar system is the core support of the dollar hegemony. If major oil-producing countries such as Saudi Arabia and Iran accept gold currency in transactions with BRICS member countries, the binding relationship between oil and the dollar will be broken, and the status of the petro-dollar will face unprecedented challenges. ​ - Erosion of the U.S. Financial Advantage: The international dominance of the U.S. dollar allows the United States to finance at a low cost. If global capital flows shift due to a new currency, U.S. Treasury bonds may face a wave of sell-offs, driving up interest rates and further exacerbating its already high fiscal burden. Challenges and Real Progress Behind the Vision Despite the grand blueprint, the advancement of the BRICS gold currency still faces multiple real-world obstacles, and the current progress is relatively cautious: - Internal coordination difficulties are prominent: The economic levels, inflation rates, and monetary policy differences among BRICS countries are significant, making coordination extremely challenging. For example, India is wary of China's led "RMB settlement pilot" and prefers to promote the use of its own currency for cross-border settlements; Russian President Putin has also clearly stated that his goal is not to abolish the dollar system, but to create alternatives to address the risks of the dollar being "weaponized." ​ - The inertia advantage of the US dollar is hard to break: The market depth, liquidity, and long-established network effects of the US dollar are difficult for any currency to reach in the short term, creating a natural barrier for the promotion of new currencies. ​ - U.S. counterpressure escalates: The Trump administration has explicitly warned that it will impose a 100% tariff on countries attempting to create an alternative to the U.S. dollar, directly increasing the external resistance to the promotion of new currencies. From the perspective of actual progress, the BRICS countries have not yet released any official timeline for advancement, and are currently more focused on conceptual discussions and localized pilot programs (such as the RMB-oil cooperation between China and Russia). As multiple analysts have stated, the BRICS gold currency is more likely to be a strategic goal that requires long-term planning, rather than a solution that can be implemented in the short term.

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