BRICS is an informal grouping of emerging market countries that currently includes Brazil, Russia, India, China, and South Africa.
In 2023, the BRICS alliance dumped $122.7 Billion in U.S. Treasury bonds and is looking to diversify its portfolios with gold, local currencies, and other commodities such as oil and gas. The move is a hedge against U.S. economic policies that will affect the dollar’s ability to fund the deficit. Recent data from the U.S. Treasury Department shows that BRICS dumped $18.9 billion in U.S. Treasury bonds just this month.
BRICS member China dumped the most, it offloaded $117.4 billion worth of U.S. government debt this year. Between June and July, China reduced its holdings from $835.4 billion to $821.8 billion, a decline of $13.6 billion.
BRICS member Brazil reduced its U.S. Treasury holdings as well. Brazil’s U.S. treasury bond holdings declined from $227.4 billion in June to $224.7 billion in July, a decline of $2.7 billion.
BRICS member India reduced its holdings by $2.3 billion also. India’s U.S. treasury bonds declined from $235.4 billion in June to $233.1 billion in July. Allegedly, India has also dumped the U.S. dollar in the forex markets to keep the value of the Rupee from falling.
The U.A.E., which has been invited to join the alliance, reduced its U.S. treasury holdings by $300 million in July. The U.A.E.’s holdings declined from $65.2 billion in June to 64.9 billion in July.
In total, BRICS has removed $122.7 billion worth of U.S. Treasury bonds from its reserves in 2023. The alliance is finding various ways to attempt to end the U.S. dollar and put local currencies ahead of the dollar.
The BRICS alliance seeks to deepen economic cooperation between the member countries and stand in contrast to the Western sphere of power.
The BRICS nations are Brazil, Russia, India, China, and South Africa. In 2023, the group invited Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates to join. Full membership is expected to be granted as of January 1, 2024.
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