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Brazil's Lula calls for end to dollar trade dominance
By Joe Leahy and Hudson Lockett
Financial Times, London
Thursday, April 13, 2023
Brazil's president, Luiz Inácio Lula da Silva, has called on developing countries to work toward replacing the U.S. dollar with their own currencies in international trade, lending his voice to Beijing's efforts to end the greenback's dominance of global commerce.
Kicking off his first state visit to China since taking office in January, Lula called for the countries of the so-called BRICS group of nations -- which in addition to Brazil and China includes Russia, India, and South Africa -- to come up with their own alternative currency for use in trade.
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"Every night I ask myself why all countries have to base their trade on the dollar," Lula said in an impassioned speech at the New Development Bank in Shanghai, known as the "BRICS bank."
"Why can't we do trade based on our own currencies?" he added, drawing loud applause from the audience of Brazilian and Chinese dignitaries. "Who was it who decided that the dollar was the currency after the disappearance of the gold standard?" ...
... For the remainder of the report:
https://www.ft.com/content/669260a5-82a5-4e7a-9bbf-4f41c54a6143
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