In the midst of growing global sentiment against the US dollar&#8217;s trade dominance, Brazil&#8217;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&#8217;s ongoing efforts to reduce the US dollar&#8217;s influence in international commerce.



<h2 id="brics-bloc-takes-center-stage-in-the-quest-for-a-currency-revolution">BRICS bloc takes center stage in the quest for a currency revolution</h2>



As conversations surrounding the future of international trade intensify, Brazil&#8217;s President, Luiz Inacio Da Silva, has stepped into the spotlight, advocating for an end to the US dollar&#8217;s reign. On his <a href="https://www.ft.com/content/669260a5-82a5-4e7a-9bbf-4f41c54a6143" rel="nofollow noopener" target="_blank">first official visit</a> 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&#8217;s New Development Bank, Lula questioned the need for continued reliance on the dollar. &#8220;Every night, I ask myself why all countries have to base their trade on the dollar. Why can&#8217;t we do trade based on our own currencies?&#8221; he queried. &#8220;Who was it that decided that the dollar was the currency after the disappearance of the gold standard?&#8221;



Lula Da Silva&#8217;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.

Brazil’s President calls for end to US Dollar dominance in foreign trade, backs BRICS currency

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