From Livemint
"New Delhi: The five emerging economies under the BRICS umbrella on Thursday, aware of their growing global stature, offered the most audacious challenge to the old economic order by proposing to trade among themselves in their local currencies.
Not only will it reduce trade transaction costs, it will, if implemented, most certainly challenge the domination of the dollar in global trade, besides reasserting the economic clout of the BRICS grouping of Brazil, Russia, India, China and South Africa."
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