Download or read book De-dollarization Efforts in BRICS Nations written by Simran Kakar and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This undergraduate thesis examines the de-dollarization efforts in BRICS nations, emphasizing the geopolitical and economic impacts of reducing reliance on the US Dollar in favor of local currencies, particularly the Chinese Renminbi (RMB). It discusses the historical dominance of the US Dollar and its role as the leading international currency. The research highlights the BRICS alliance's initiatives to foster economic cooperation and reduce dependency on Western financial systems, especially the US Dollar. The thesis specifically examines the influence of China's Belt and Road Initiative (BRI) on the demand for the RMB, using an event study model to analyze data from 48 countries over 15 years. The study aims to quantify the shift in RMB demand following BRI participation, addressing the broader BRICS objective of de-dollarization. The findings suggest that the observed increase in RMB usage does not reflect economic or political inclinations that can be directly attributed to BRI membership. This analysis contributes to understanding the dynamics of currency internationalization amongst the ongoing debate of de-dollarization in emerging economies.