BRICS expansion poses a threat to dollar hegemony -- but only in the long term, says ING

Saudi Arabia joining the BRICS bloc poses a challenge to the dollar's domination of global trade, according to ING. Though only in the long term.

Saudi Arabia joining the BRICS bloc poses a challenge to the dollar’s domination of global trade, according to ING. Though only in the long term.

The addition of Saudia Arabia, the world’s second biggest oil producer after the U.S., alongside fellow energy exporters Iran and the UAE, will inevitably focus debate on the use of non-dollar currencies in trade, according to a team at Dutch bank ING led by Chris Turner, global head of markets. It might make sense, to some, for Saudi Arabia to start accepting the yuan from China and the rupee from India , according to ING, “and there has been plenty of noise and reportedly discussions between Saudi Arabia and China on the matter.”

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