Brazil Calls for ‘Move Away’ from Dollar

• Brazil Calls for ‘Move Away’ from Dollar
  by https://www.rt.com/
  President Lula da Silva has kicked off his first state visit to China with a BRICS bank event
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  Brazilian President Luiz Inacio Lula da Silva has stated that developing nations should move away from the US dollar in favor of their own currencies in order to push back against American dominance over the global financial system.
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  Speaking in Shanghai on Thursday during an official visit to China, Lula said the BRICS group – comprising Brazil, Russia, India, China and South Africa – should look for an alternative currency to the dollar for trade.
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  “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 said. “Who was it that decided that the dollar was the currency after the disappearance of the gold standard?”
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  The leftist leader went on to lament that “everyone depends on just one currency,” referring to the dollar, and proposed “a currency to finance trade relations between Brazil and China, between Brazil and other countries.”
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  Lula kicked off his trip to China with an event to mark the appointment of former Brazilian President Dilma Rousseff as the head of the New Development Bank, also known as the ‘BRICS bank,’ which he said could free emerging economies “from submission to traditional financial institutions, which want to govern us.”
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  Brazilian Finance Minister Fernando Haddad also traveled with the president to China, where he told reporters that Brazil would aim to create trade mechanisms for developing countries to bypass the use of the dollar.
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