Creation of BRICS Currency to Rival US Dollar Is ‘Inevitable,’ Analysts Say

The possible establishment of a currency to rival the U.S. dollar won't be discussed at the 15th summit of the BRICS countries that begins in Johannesburg on Aug. 22, South African government officials have told The Epoch Times.

However, this week’s meeting will herald the first step toward the establishment of a gold-backed BRICS currency designed to end what the bloc terms “U.S. dominance of global finance structures,” according to some analysts.

BRICS members are Brazil, Russia, India, China, and South Africa. The bloc was set up in 2009 to represent the interests of major emerging market economies.