EMERGING MARKETS: Kremlin Talks Up De-Dollarisation, But Other BRICS Wary

State media reporting comments from Kremlin spox Dmitry Peskov regarding threats from US President-elect Donald Trump made on 30 Nov that if the BRICS countries seek to create a new currency to reduce reliance on the US dollar. Peskov says that "any attempt to force dollar use will backfire". Peskov says the dollar "is losing its appeal as a reserve currency for many countries", and that the trend [against the dollar] "is gathering pace". 

• On his Truth Social platform, Trump made a post stating “The idea that the Brics Countries are trying to move away from the Dollar while we stand by and watch is OVER, We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,”
• While a move away from the US dollar would serve Russian interests due to the major sanctions in place, other BRICS nations have been far less keen to raise the prospect of a separate new currency. BBG reports comments from the South African Department of International Relations and Cooperation saying “Recent misreporting has led to the incorrect narrative that BRICS is planning to create a new currency. This is not the case. The discussions within BRICS focus on trading among member countries using their own national currencies.”