trading in local currencies, means trading local goods.. let's see where this gets us on a global scale...
Discussion
So, most of the countries used to purchase oil in dollars. However, now that oil-producing countries are part of BRICS, they might begin buying oil using their local currencies or even the yuan.
Together, these countries represent 32.1% of the world's GDP, while the G7 accounts for 29.9%.
For context: This concept of the 'petrodollar' used to be a cornerstone of the dollar's strength.
Winds of change!