The US dollar is the world’s reserve currency – used for nearly 80 percent of global trade.

Its dominance gives the United States major economic advantages and significant geopolitical influence across the world.

But many nations in the BRICS group of emerging economies accuse Washington of using the greenback as a political tool.

BRICS nations now aim to reduce their dependence on the dollar and have proposed a common currency.

President-elect Donald Trump has warned the group he will act if it attempts to undermine the dollar.

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