Brazil’s President Calls for End to Dollar Trade Dominance

Brazil’s President, Luiz Inácio Lula da Silva, has called on developing countries to replace the US dollar with their own currencies in international trade.

During a state visit to China, Lula called for countries, including the so-called BRICS group of nations Brazil, Russia, India, China and South Africa, to come up with an alternative currency for use in trade.  

Lula’s call to shed dollar dependence dovetailed with Beijing’s increasing efforts to promote use of the renminbi in settlement of cross-border commodities trades, as Chinese policymakers seek to strengthen the role of the world’s second-largest economy in the global financial system.