Catenaa, Saturday, September 06, 2025-JPMorgan’s latest research highlights how BRICS nations’ de-dollarization efforts are rapidly altering global financial markets, commodity trading, and central bank reserves, signaling major shifts in the dominance of the US dollar.1
JPMorgan’s Global Macro Research division reports that structural changes driven by BRICS countries are challenging the dollar’s status as the world’s primary reserve currency and transaction medium. Energy markets show early signs, with a rising share of commodity pricing shifting from the dollar to local currencies. Russian oil exports, for instance, increasingly settle in national currencies, and some Indian companies pay for Russian coal in yuan.
Central banks are also diversifying reserves, cutting dollar holdings while boosting gold reserves. Emerging markets have doubled gold’s share of reserves from 4% to 9% over the last decade. JPMorgan forecasts gold prices could reach $4,000 per ounce by mid-2026.
BRICS leaders recently advanced alternatives to Western payment systems at their Rio summit, pushing efforts to build an independent financial ecosystem that reduces reliance on the dollar and platforms like SWIFT.
JPMorgan analysts warn these trends could negatively affect US equities and Treasury markets. Foreign ownership of US debt has dropped from over 50% during the financial crisis to around 30%, potentially raising yields if foreign investors divest aggressively.
- https://watcher.guru/news/jpmorgan-on-de-dollarization-what-it-means-for-world-markets[↩]
