[Scythian]

If you are a rich man making money in a BRICS country your first instinct will be to move out of these currencies ....why? Because the currency falls over time vs USD and gold.

So they will simply convert to gold or USD to prevent loss.

BRICS is a collection of many weak currency countries. Especially the expanded BRICS the countries added probably volunteers to sign those deals to offload their currencies that nobody wants.

Brace for an extended period of dollar weakness as the US economy is set to slow and the Fed will end rate hikes, HSBC says