Top U.S. Bank Warns BRICS, Says the Dollar Cannot Be Replaced
Leading global investment bank Morgan Stanley came in favor of the U.S. dollar against the ‘BRICS currency’ onslaught. The support comes after the BRICS alliance openly issued a challenge to uproot the U.S. dollar as the world’s reserve currency. The bloc of nine countries is aiming to push local currencies ahead of the USD to settle cross-border transactions. Also Read: BRICS Ditches US Dollar, Settles $4 Billion Trade in Local Currencies Read here to know how many sectors in the U.S. will be affected if BRICS ditches the dollar for trade. However, Morgan Stanley came in support of the U.S. dollar stating that leading local currencies cannot replace the USD. The bank explained key reasons why the U.S. dollar will remain supreme and continue ruling the global financial sector despite threats. Also Read: Currency: What To Expect From the U.S. Dollar This Week? BRICS: Investment Bank Morgan Stanley Says ‘U.S. Dollar is King’ Source: no...