The rapid reversal of 2022’s strong U.S. dollar rally, combined with efforts in China and elsewhere to decouple from dependence on the greenback, has put the dollar's status as the world's reserve currency into question again. While there may be discussions on the need for a new global reserve currency, transitioning away from the dollar involves significant challenges and risks. The current number one contender to displace the dollar is a single currency that has not yet been chosen or created by the BRICS nations. BRICS is an acronym coined by a chief economist at Goldman Sachs in 2001 to describe the ... (full story)