BRICS expansion poses a threat to dollar hegemony — but only in the long term, says ING

Saudi Arabia joining the BRICS bloc poses a challenge to the dollar’s domination of global trade, according to ING. Though only in the long term.

Brazil, Russia, India, China and South Africa on Thursday said they would expand their emerging market group, with Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates joining at the start of next year.

The…