Lula calls on countries to abandon the dollar and trade with local currencies

The official Chinese press previously reported on the first cross-border transaction processed in yuan in Brazil, although some analysts consider that dethroning the dollar as the world’s reserve currency remains a “chimera”.

“Why can’t an institution like the BRICS (Brazil, Russia, India, China, and South Africa) bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries?” she said. “Who decided that the dollar was the (commercial) currency after the end of the gold parity?”

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Last month, Brazil and China took steps to make it easier to settle their foreign trade operations in yuan or reais, with the stated goal of cutting costs by removing a third currency from transactions.

With information from EFE and Bloomberg