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New Delhi, July 3: India, Brazil, Russia, China and South Africa - five of the world's biggest emerging economies - could soon trade with each other mostly in their local currencies, under a plan their leaders will discuss next week that may hit the US dollar's dominance in global markets.
The plans for trade in the national currencies of these five nations are a part of a series of initiatives the BRICS countries are taking to try and insulate themselves from over-dependence on Bretton Woods institutions dominated by the West.
Significant bilateral trade between five of the world's 20 biggest economies only in their own currencies, as opposed to the dollar, would reduce their dependence on reserves of the US currency at a time the Greek crisis looms large on the world economy. Four of these five nations - China, Brazil, Russia and India - are among the world's 10 biggest economies.