US dollar: ‘Wounded hegemon’ or secure as most powerful currency on earth?

Faced with Trump’s tariffs and threats, BRICS countries are trying to reduce dollar use in trading with each other.

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Johannesburg, South Africa – On a late November morning – two days before leaders of the world’s leading economies convened in Johannesburg for the 2025 Group of 20 summit – the governors of the South African and Chinese central banks met just 20 minutes away to inaugurate a system that many hope can help move international trade out of the shadow of dollar dominance.

At a ceremony at the South African Reserve Bank in Pretoria that day, Standard Bank – Africa’s largest by assets – became the first on the continent to link directly into China’s Cross-Border Interbank Payment System (CIPS). This integration means African businesses can now settle payments with China directly in renminbi without the use of any intermediary currency – notably the United States dollar (USD).