Recently, the BRICS countries are exploring the introduction of a common currency backed by gold, which could have a profound impact on the existing global financial landscape. If this idea is successfully implemented, it will pose challenges to the dollar-dominated international monetary system from multiple aspects.

Firstly, the emergence of a new currency may reduce the demand for the US dollar. Currently, the dollar accounts for nearly 60% of global foreign exchange reserves and nearly 90% in foreign exchange transactions. If BRICS countries adopt the new currency for settlement in energy and commodity trade, it will directly impact the usage of the dollar.

Secondly, this move may shake the petrodollar system. If major oil-exporting countries accept new currencies in transactions with BRICS member states, it will impact the long-standing petrodollar mechanism.

Furthermore, the financial advantage of the United States may be eroded. The global demand for the US dollar allows the US to finance itself at a lower cost. If there is a change in the flow of international capital, it may lead to selling pressure on US Treasury bonds, subsequently pushing up interest rates and increasing its fiscal burden.

However, this concept faces numerous challenges during the implementation process. There are significant differences in the levels of economic development, inflation rates, and monetary policies among the BRICS countries, making internal coordination difficult. For example, India has a cautious attitude towards a settlement scheme centered on the Renminbi and is more inclined to promote the use of its own currency. In addition, the market depth, liquidity, and network effects that the US dollar has accumulated over the long term are difficult to surpass in the short term.

It is worth noting that the U.S. government has expressed its intention to take a tough stance against countries attempting to create alternative currencies to the dollar, including the possibility of imposing high tariffs.

Currently, the BRICS countries have not announced specific implementation plans, and the related discussions are still in the conceptual stage. Some analysts believe that this may be a medium to long-term goal that needs to be advanced gradually.

Overall, the initiatives by BRICS countries to explore a new monetary system reflect potential changes facing the international financial order, but the actual impact and implementation process remain to be seen. In any case, this trend is worth close attention from the global financial markets.