Brazilian President Luiz Inácio Lula da Silva urged developing countries to abandon the dollar in favor of their own national currencies and support Beijing’s efforts to end the dollar’s dominance in world trade. Finance Times.
In his first official visit to China since his re-election, Da Silva urged the BRICS countries to develop their own alternative currencies for use in trade.
“Who decided that our currencies are weak and have no value in other countries? Who decided that the dollar should become the main currency after the abolition of the gold standard? He asked during a speech in Shanghai at the New Development Bank created by BRICS members.
The publication states that da Silva supports Beijing’s efforts to use the yuan in international transactions, and that Chinese leader Xi Jinping will urge the Brazilian president to support some of Beijing’s foreign policy programs, particularly the One Belt, One, at a meeting on April 14. Road attempt.
With idea According to experts, China is using its trade advantages to entice its partners to use the yuan more and is challenging the dominance of the dollar to reduce its reliance on dollar assets and avoid a “financial suffocation” by the United States.