In the IV Dilemmas of Humanity Conference, economists from Russia, China, and Brazil discussed different proposals for creating a new financial architecture to help nations escape the US-dominated system.

Until recently, the global economy accepted the US dollar as the world’s reserve currency and the currency of international transactions. But as the world becomes increasingly multipolar, how stable is the dollar’s hegemony?

A senior Russian official indicated that a new currency project might be announced at the upcoming BRICS summit in South Africa. The alliance’s other members—Brazil, China, Russia, and India—have already taken steps to bypass the US-dominated global trade and finance system