BRICS India and China: Remains Crucial to Currency Development. The potential for a BRICS currency is gaining momentum, with India and China playing pivotal roles in shaping its future. Amidst ongoing global economic shifts, the BRICS nations are exploring alternatives to the established financial order.

The Chinese government actively urges global nations to embrace the forthcoming BRICS currency, seeking to challenge the dollar's global reserve status. This bold move reflects a desire for greater economic autonomy and a more balanced global financial landscape. India's participation is equally vital, bringing its economic strength and strategic influence to the table.

However, significant challenges remain. The diverse economic structures and geopolitical interests within the BRICS bloc require careful navigation. One key area of research focuses on the feasibility of creating a unified currency zone.

Russia The study evaluates the feasibility of BRICS (Brazil, Russia, India, China, and South Africa) countries to form an Optimum Currency Area (OCA) through the analysis of shock correlation. Understanding these correlations and minimizing potential economic disruptions are paramount for a successful BRICS currency launch.

The development of a BRICS currency, driven by India and China, could reshape international finance. While obstacles exist, the potential benefits of reduced dollar dependency and increased economic cooperation are driving continued efforts towards its realization.