Dollar’s Clout in Markets Confronts BRICS Joint Currency Idea
- BRICS summit next week set to discuss common currency
- Dollar retains hegemony for debt sales and trading, ING says
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A plan by the BRICS group of emerging-market nations to look at a joint currency has got investment banks examining whether that’s any threat to the global dominance of the dollar.
The latest to weigh in is ING Groep NV, whose strategists see the greenback remaining the choice for debt issuance and trading. While the dollar’s demise has been mooted many times in recent years, so far other pretenders have been competing amongst themselves and there’s no conclusive evidence for a structural dollar decline, they say.