Is the US dollar going to de-dollarize if Saudi Arabia joins BRICS?

By promoting the reform of the IMF's SDR and advocating the renminbi's inclusion into the SDR basket, the BRICS members are attempting to undermine the US dollar's dominance in global reserve currencies. BRICS initiatives are part of an effort to reform international financial institutions. 

At the BRIC summit, China expressed its interest in restructuring the global reserves currency system. 

A super-sovereign reserve currency was proposed by PBoC Governor Zhou Xiaochuan in March 2009. In a proposal based on IMF SDRs, the United Nations proposed a renewed global reserve system. 

The only way to address these global imbalances that contributed to this crisis is to accumulate international reserves. A new system of global reserves may improve economic strength, global equity, and global stability by expanding SDRs and adjusting emissions according to the accumulation of reserves. 

The hegemony of the dollar was challenged by the global financial crisis of 2008. It raised concerns regarding the US leadership's reliability and the practicality of maintaining the dollar's hegemony. BRICS countries are interconnected and cooperate financially.

Although, the BRICS' measures to de-dollarize are especially difficult since the US dollar is the world's prevalent currency.

As a result of a loss of confidence in the US currency as a haven, more and more countries are advocating de-dollarization. Among the main reasons for this is US monetary tightening, which is affecting the world's economies, as the dollar is the primary global currency.

As a group, the BRICS countries have re-ignited the desire to end dollar dominance.

BRICS members account for roughly 16% of global trade, 24% of global GDP, and 41% of the world's population. Since the organization was founded in 2009, all member nations have held annual summits. The 14th BRICS summit was largely held in China this year.