Ex-Goldman chief economist calls on BRICS to challenge USD’s dominance as China leads de-dollarization trend

By Anna Golubova

Former Goldman Sachs chief economist Jim O’Neill is calling on the BRICS bloc to expand and challenge the dominance of the U.S. dollar. China’s recent actions with the yuan are already doing just that.

O’Neill said that the dollar’s dominance destabilizes other nations’ monetary policies, which is why the bloc — made up of Brazil, Russia, India, China, and South Africa — should counter it.