Finance ministers from the BRICS group held a virtual meeting overnight to discuss expanding trade in local currencies, according to people familiar with the talks. The discussions focused on payment systems that would let members settle more cross-border transactions without using the U.S. dollar.

The move reflects a broader push by several emerging economies to reduce exposure to exchange-rate swings and external financial pressure. It also comes as officials in advanced economies continue to face concerns over high public debt and tighter fiscal conditions.

Sources said the ministers reviewed ways to strengthen settlement mechanisms already used in some bilateral trade, with an eye toward making them more practical for wider use. No formal agreement was announced after the meeting, and the talks remain at an early stage.

The debate over local-currency trade has intensified in recent years as global payment networks, sanctions risks and volatile capital flows have pushed countries to look for alternatives. For now, the BRICS discussions appear to be exploratory rather than a sign of any immediate shift away from the dollar.