{
  "id": 7344396,
  "title": "Brics leaders act to hedge – not revolt – against US dollar dominance",
  "url": "https://urgent.news/2026/09/14/brics-leaders-act-to-hedge-not-revolt-against-us-dollar-dominance-7344396",
  "topic": "world",
  "section": "World",
  "published": "2026-09-14T15:00:08.000Z",
  "source": {
    "name": "Reuters Business via SCMP",
    "slug": "reuters-business-via-scmp",
    "url": "https://www.scmp.com/news/china/diplomacy/article/3367477/brics-leaders-act-hedge-not-revolt-against-us-dollar-dominance"
  },
  "original_language": "en",
  "account": "Leaders from Brics nations, including China, Russia, Iran, and India, gathered for a summit in New Delhi, acting to hedge against the dominance of the US dollar, rather than revolting against it. The New Delhi Declaration, signed by the leaders, aimed to strengthen a multipolar world through reforms within multilateral institutions and strengthening local-currency settlements. UN Secretary General Antonio Guterres emphasized the need to reform institutions like the UN Security Council and the Bretton Woods system to better reflect today's world. The declaration set economic demands for quota changes at the IMF, greater voice for emerging economies at the World Bank, and leadership contests not locked to the West. While there is no proposal for a common Brics currency, local-currency settlement was encouraged as a practical mechanism to reduce transaction costs in bilateral trade. Chinese scholars noted that dissatisfaction with the US-led international order was a key reason Brics was established, seeking both to reform the existing system and build new mechanisms. Experts believe these efforts are less about de-dollarisation and more about lessening the capacity for dollar weaponization. Instead of directly using the dollar for transactions, the members aim to transact in dollars while bypassing the dollar-based system's infrastructure, such as correspondent banks and Swift messaging network.",
  "summary": "The family photograph did the political work the summit’s final declaration could not. Chinese President Xi Jinping, Russian leader Vladimir Putin, Iranian President Masoud Pezeshkian and Indian Prime Minister Narendra Modi stood shoulder to shoulder as the Brics summit closed in New Delhi on Sunday – a single frame capturing an 11-nation bloc that now spans four continents and nearly half the…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "South China Morning Post",
        "title": "Brics leaders act to hedge – not revolt – against US dollar dominance",
        "url": "https://urgent.news/2026/09/14/brics-leaders-act-to-hedge-not-revolt-against-us-dollar-dominance",
        "published": "2026-09-14T15:00:08.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}