Core Viewpoint - The dominance of the US dollar is facing structural challenges, with a clear trend towards a multipolar global monetary system driven by the expansion and deepening cooperation among BRICS nations [1][2] Group 1: Dollar's Dominance - The US dollar remains the dominant reserve currency, but its supremacy is likely unsustainable due to several key factors [1] - The "weaponization" of the dollar through sanctions is prompting emerging markets to reassess their reserve accumulation strategies [1] - Decreasing predictability in US domestic policies and challenges to the independence of the Federal Reserve are eroding market confidence in the dollar [1] Group 2: BRICS and Global Governance - The expansion of BRICS signifies a notable increase in the influence of the Global South, with a consensus emerging to reduce reliance on the dollar [2] - The establishment of the New Development Bank (NDB) illustrates the formation of new parallel governance mechanisms outside the Bretton Woods system [2] - There is a call for the IMF president to attend BRICS summits to enhance communication and promote dialogue between BRICS nations and multilateralism supporters like the EU [2] Group 3: Future of Reserve Currencies - The broader use of the Chinese yuan in trade and payments is being driven by China as a major trading partner [1] - Technological innovations such as digital currencies and stablecoins may fundamentally reshape the logic of reserve currencies [1] - The erosion of market confidence could have significant implications for both the US and the global economy if the independence of the Federal Reserve is not maintained [1]