Financial Times

Brazil’s Lula calls for end to dollar trade dominance

Brazil's President Lula calls on developing countries to replace US dollar with their own currencies in international trade, lending his voice to Beijing's efforts to end the greenback's dominance of global commerce

Brazil's president Lula calls for developing countries to replace US dollar with their own currencies in international trade.
Lula's call to shed dollar dependence is in line with Beijing's efforts to promote use of the renminbi.
He also visited Huawei, which is subject to US sanctions, and called for multilateral cooperation.
Bilateral trade between Brazil and China has ballooned to $150.4bn last year.
Any effort by Brazil to spurn the US currency will face a substantial challenge as the dollar is vital to global commodities markets and benchmarks.

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