- The 17th BRICS summit in Rio de Janeiro did not result in launching a new currency or mention de-dollarization.
- Only China and Russia remain committed to moving away from the U.S. dollar, with major plans for the 2026 summit.
- China aims to internationalize the yuan, promoting it within developing economies.
- The New Development Bank may issue loans denominated in yuan to support infrastructure projects and Chinese industries.
- The BRICS 2026 summit in New Delhi could reveal these initiatives, pending agreement from member countries.
The 17th BRICS summit took place in July in Rio de Janeiro, where leaders failed to introduce a new currency. They also avoided mentioning de-dollarization to prevent potential tariffs from the U.S. administration under Donald Trump. Most BRICS members have stepped back from such ambitions, except for China and Russia, which plan to pursue broader objectives at the 18th summit.
The upcoming 18th BRICS meeting will be held in New Delhi, India. There, the alliance may unveil significant policy changes. China is especially focused on making the event centered around internationalizing the Chinese yuan. Xi Jinping envisions the yuan becoming the primary currency among developing nations. He emphasized that “What ultimately matters is manufacturing, not services,” highlighting the sector’s importance in backing the currency.
According to China’s model for BRICS 2026, the strategy relies on leveraging China’s manufacturing sector. The plan involves issuing loans via the New Development Bank (NDB) directly in yuan. These loans require projects like railroads, airports, and power grids to be developed by Chinese firms, channeling funds through Chinese banks.
This approach would strengthen China’s economy by boosting domestic industries while requiring loan repayments in yuan. As a result, borrowing countries would hold more of the Chinese currency, increasing its influence. However, since BRICS operates on consensus, any such plan would need approval from all member states before being implemented at the 2026 summit in New Delhi.
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