BRICS in Global Financial System: The Need to Level the Playing Field

... contribution to the real sector of the world economy? To answer this question, we need to consider the grouping’s current positioning in global finance. Foreign exchange markets The international foreign exchange market (FOREX) is the backbone of the global financial system. It is here that the virtual value of world currencies as key reserve assets is determined based on exchange quotations. As reported by the Bank for International Settlements, the daily turnover at FOREX exceeded USD 7.5 trillion in April 2022. The share of the U.S. dollar in the structure of foreign ...