Brazil’s President Now Calls For End To US Dollar’s Trade Dominance
- Brazil’s President, Lula Da Silva, called for an end to the US dollar’s international trade dominance during his recent visit to China.
- Da Silva encouraged the BRICS collective to develop their alternative trade currency.
- The BRICS Bloc, which includes Brazil, Russia, India, China, and South Africa, is developing its currency to supplement the greenback’s prominence.
Brazil’s President calls for end to US dollar dominance in trade. Questions why countries must base trade on the dollar. BRICS is developing alternative currency.
According to Financial Times, Brazil’s President, Luiz Inacio Lula Da Silva, has called for an end to the US dollar’s international trade dominance. During his first visit to China since taking office in January, he encouraged the BRICS collective to develop their alternative trade currency.
Furthermore, the BRICS Bloc, which includes Brazil, China, Russia, India, and South Africa, is developing its currency to aid in the effort to supplement the greenback’s prominence.
In a speech at Shanghai’s New Development Bank, Lula Da Silva, Brazil’s President, joined recent Chinese efforts to reduce international reliance on the US dollar. He questioned why all countries must base their trade on the dollar and why they can’t trade based on their currencies.
Da Silva added, “Who was it that decided that the dollar was the currency after the disappearance of the gold standard?” These statements come as Beijing has increased the promotion of the use of the renminbi for specific cross-border commodities trades, according to reports.
The call for an end to the US dollar’s international trade dominance is gaining momentum. Lula Da Silva and Beijing are among the voices calling for a change.
Lula Da Silva’s question of why countries must base their trade on the dollar prompts an examination of the current system. The BRICS countries developing their currency is a step toward supplementing the greenback’s prominence. It remains to be seen if this will lead to a shift in the global trade system. However, the call for change is becoming louder.
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