BRICS: European Firms Get Requests For Local Currencies, Not US Dollar
Taking a leaf from the BRICS playbook, several banks, brokers, and financial entities in Europe are receiving requests to accept local currencies and not the US dollar, reported the Luxembourg Times. The European financial firms are receiving more requests for transactions, including hedges that sidestep the US dollar. The requests are coming in for the Chinese yuan, Hong Kong dollar, the Emirati dirham, and the euro. Also Read: BRICS: JP Morgan Predicts 20% Decline in the US Dollar This is the first time that foreign institutional funds are demanding to transact in local currencies with European finance entities. The BRICS initiative of pushing local currencies ahead and not the US dollar has reached European shores in 2025. For example, if a Japanese company wants to transfer money to a Philippine-based fund through European firms, they typically send the US dollar, and the firm then converts the money into Philippine pesos. But companies are now demanding that strategies be consider...