The dollar and the S&P 500 continue to dominate the global financial systembut the last three years have marked a change in dynamics. China and the BRICS+ bloc (Brazil, Russia, India, China and South Africa, plus the more recent additions of Saudi Arabia, the United Arab Emirates, Iran, Egypt and Ethiopia) are growing in economic, trade and financial importance.
The institutional consolidation of the group, combined with new monetary strategies and the rise of its capital markets, has begun to generate a rebalancing of flows and references which, even if it does not yet replace American domination, calls it into question in relative terms.
The relative weight of the S&P 500 falls
The S&P 500 index, the main stock market thermometer in the United States, represented 64.7% of the MSCI World in 2019. In 2025, its weight fell to 58.4%, according to data from Bloomberg. Part of the adjustment responds to the increase in market capitalization in China, India and Brazil, but also to the methodological revision of global indices, which have begun to correct the historical underrepresentation of emerging economies.
The volume traded on the Shanghai, Bombay and Johannesburg markets has increased by 35% since 2023driven both by domestic activity and the influx of foreign capital. At the same time, relative valuations generate additional attractiveness: while the S&P 500 trades at 22.1 times expected earnings for 2026, the indices of India (17.3x), China (13.2x) and Brazil (11.8x) maintain lower multiples.
The dollar is losing ground as an exclusive currency
The dollar remains the main reserve currency, with a share of 58.2% according to the International Monetary Fund. However, the trend is downward. In 1999, its participation exceeded 71%.
The progression of the yuan constitutes the most relevant data in this new scenario. According to SWIFT, The yuan now represents 4.1% of international transactions, compared to 0.6% in 2010. The Chinese currency has gained ground particularly in Asia, Africa and the Middle East, partly thanks to bilateral agreements authorizing exchanges in local currencies.
China has signed more than 30 currency swap agreements with central banks, making it easier for the yuan to flow across its borders. In the case of Saudi Arabia, more than 13% of its energy exports to China are already priced in yuan. Russia, for its part, conducts more than 80% of its trade with China in non-Western currencies.
Investing Flow: Beyond Wall Street
Between 2022 and 2025, the volume of institutional investments directed to BRICS markets increased by 47%, according to data from Morningstar and the International Institute of Finance. Big management companies such as BlackRock, Amundi and UBS have launched specific funds for BRICS assets.
Several sovereign funds and central banks have also done so. Last year alone, more than 40 public institutions signed financial agreements with China or India. Saudi Arabia, Turkey and South Africa are among the countries that have increased their exposure to stocks listed in Shanghai, Mumbai and Johannesburg.
Strengthening economic ties between the bloc’s countries is also reflected in increased intra-group trade. According to the Chinese Ministry of Commerce, trade between BRICS exceeded $500 billion in 2024with year-on-year growth of 12.7%.
This cooperation network is based on energy agreements, digital infrastructures and joint industrial projects. At the same time, the use of currencies other than the dollar in international contracts, particularly in Asia and Africa, continues to gain ground.
On the other hand, since 2015, the New Development Bank (NDB) has approved more than $30 billion in financing for infrastructure and energy projects, exclusively among BRICS+ countries.
Unlike the IMF or the World Bank, the NDB does not impose macroeconomic conditionalities on its loans. The group also began testing an alternative payment system to SWIFTfocused on local currencies, and keeps open the possibility of a digital currency for intra-BRICS transactions.
Furthermore, the idea that the United States undeniably concentrates technological innovation, institutional stability and economic leadership is beginning to be nuanced by the emergence of regional hubs.
Recent reports from Morgan Stanley, HSBC and BNP Paribas already include detailed analyzes of BRICS+ assets, both in stocks and bonds. China’s growing role in world trade (more than 13% of the total in 2025), as well as its role as the bloc’s industrial engine, reinforce this discourse.
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