| Summary/Abstract |
The leaders of the BRICS countries have demonstrated that the establishment of the BRISC bank is a direct blow to the International financial system and it has also remarkably shown the building of the new global economic order that will bring middle economic powers to the global economic affairs. Things have changed rapidly, and the BRICS bank is going to play a pivotal role in financial policies of the developing countries. Moreover, the BRICS countries have indicated to the western countries and especially to the United States of America that nothing is permanent and gone are the days of American dollar; now they have their own currency for trade and exchange among the member countries. This step clearly shows a dent on American dollar hegemony in the world and China’s Yuan is going to rise gradually at the global level. Nevertheless, the fear of China’s dominance among its members can alter the new global economic order and BRICS countries should not give the opportunity to the western countries to play a “divide and rule policy” against its members. They must have faith in each other and can resolve their problems at the bilateral level as well as multi-lateral level.
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