Momentum is building for a common currency among the BRICS nations, as they seek to reduce their dependence on the US dollar. However, significant challenges remain, particularly in terms of exchange rate management. Some have proposed a gold-backed currency as an alternative, but this poses its own difficulties, including managing convertibility across nations with varying gold reserves. China's renminbi has gained traction as a preferred trade currency, but overall, the switch away from the US dollar is expected to be slow and challenging.



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