Brazil and its president have been very outspoken on ending the US Dollar’s dominance in global trade. In being a founding member of BRICS, Brazil pushes for devaluing the US Dollar and is hopeful that a gold-backed BRICS currency will propel that mission.
Speaking today, Brazil president Luiz Inacio Lula Da Silva has called for an end to the US dollar’s international trade dominance again, in support of BRICS. This echoes the previous comments the president gave in the past. Addressing the media about the upcoming BRICS Summit, President Da Silva explains that new countries joining BRICS will be discussed.
“Everyone knows that I defend the idea that we have our own currency to trade between countries,” he says. “Why does Brazil need the dollar to trade with China or Argentina? We can trade in our currency,” he adds.
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Other South American countries like Argentina are already beginning to trade via the Chinese Yuan. This is to halt the use of the US Dollar in the country for trade. At the upcoming BRICS Summit, both the devaluing of the US Dollar and a new currency will be topics of discussion for Brazil and the other member nations. Other nations vying to join will likely also echo the Brazilian president.