In the midst of growing global sentiment against the US dollar’s trade dominance, Brazil’s President, Luiz Inacio Lula Da Silva, has added his voice to the chorus. With a focus on empowering developing nations, Da Silva urges the replacement of the American currency with local alternatives. However, this development coincides with Beijing’s ongoing efforts to reduce the US dollar’s influence in international commerce.
BRICS bloc takes center stage in the quest for a currency revolution
As conversations surrounding the future of international trade intensify, Brazil’s President, Luiz Inacio Da Silva, has stepped into the spotlight, advocating for an end to the US dollar’s reign. On his first official visit to China since assuming office, Da Silva has called upon the BRICS collective— comprised of Brazil, China, Russia, India, and South Africa—to create their own alternative trade currency.
During a speech at Shanghai’s New Development Bank, Lula questioned the need for continued reliance on the dollar. “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?” he queried. “Who was it that decided that the dollar was the currency after the disappearance of the gold standard?”
Lula Da Silva’s sentiments align with recent Chinese efforts to reduce international dependence on the US Dollar. As Beijing continues to promote the use of the renminbi for certain cross-border commodities trades, the stage seems set for a potential currency revolution.
