BRICKS Nations To Dump US Dollar For Local Currency.
Brazilian President Luiz Inacio da Silva calls on BRICS nations to give up the US dollar and use local currency.
During his recent state visit to China, Brazilian President Luiz Inacio Lula da Silva has called for the BRICS nations to abandon the US dollar and establish their own currency for cross-border trade.
In addition, Lula criticized the International Monetary Fund (IMF) and the overreliance on the US dollar in global trade.
These remarks were made following the Brazilian government’s decision to forego the use of the dollar as an intermediary and instead opt for local currency in a recent trade agreement with China.
President Lula has been vocal about his concerns regarding the global financial system and the need for more equitable distribution of power.
He posed a question, saying, “Every night I ask myself why all countries have to base their trade on the dollar…why can’t we do trade based on our own currencies? Who was it that decided that the dollar was the currency after the disappearance of the gold standard?”
Lula further suggested that a bank like BRICS could have its own currency to finance trade relationships between Brazil and China, as well as other BRICS countries.
These comments reflect the growing trend towards a multipolar world order, with power being more evenly distributed among several major players.
The President’s visit to China underscores Brazil’s commitment to deepening its ties with the Asian economic superpower.
The two nations have already signed agreements aimed at strengthening trade and investment between them, with Brazil expressing an interest in joining China’s Belt and Road Initiative, a global infrastructure development project. The emergence of a multipolar world appears to be continuing at a rapid pace.