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BRICs leaders act to hedge -- not revolt -- against U.S. dollar dominance
By Khushboo Razdan and Cao Jiaxuani
South China Morning Post, Hong Kong
Monday, September 14, 2026
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 world's population.
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UN Secretary General Antonio Guterres attended the gathering of emerging economies alongside World Trade Organization Director General Ngozi Okonjo-Iweala, World Health Organization chief Tedros Adhanom Ghebreyesus, New Development Bank president Dilma Rousseff, and Asian Infrastructure Investment Bank president Zou Jiayi.
As Washington leans on tariffs and steps back from the institutions it once dominated, the United Nations, the WTO, and the WHO sat at a table built by the Global South.
What the leaders signed -- the New Delhi Declaration -- was neither a revolt against the dollar nor a blueprint for a new world order. It was a hedge.
Experts say the document treats de-dollarisation as insurance. By promoting local-currency settlement, linked payment rails, and a louder voice within the International Monetary Fund and World Bank, Brics members aim to ensure trade keeps moving even if the United States turns its dollar, or the institutions around it, into political weapons.
"As we move irreversibly to a multipolar world, all countries must work to strengthen and safeguard a multilateral system that delivers for all with the United Nations at its centre," Guterres told the summit.
Multipolarity, he said, required "reforming multilateral institutions, including the UN Security Council and the Bretton Woods system, to reflect the world of today."
"From Gaza, to the broader crisis in the Middle East, to Ukraine, Sudan, and beyond, our world needs peace."
Brics finance ministers and central bank governors had already set the economic demand. Before the summit they called for quota changes at the IMF, a bigger voice for emerging economies at the World Bank, and leadership contests not locked to the West.
"We reiterate the urgent need to reform the Bretton Woods Institutions to enhance their legitimacy," their joint statement said. ...
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