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BRICS, a coalition of Brazil, Russia, India, China, and South Africa, aims to create a new global currency backed by gold and other precious metals. This move challenges the dominance of the US dollar and could shift the world economy away from being centered on the U.S.
- BRICS nations aim to create a gold-backed currency to challenge the US dollar.
- The 2024 BRICS summit gained attention due to expanded invitations and discussions about the new currency.
- BRICS countries currently surpass G7 countries in GDP purchasing power parity (PPP).
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