Brazilian President supports trading currency for BRICS countries
Earlier this month, Brazil’s Luiz Inacio Lula da Silva called on BRICS nations to come up with an alternative to replace the dollar in foreign trade, supporting China’s crusade against US global dominance just as he prepares to meet with President Xi Jinping in Beijing.
Chinese President Xi Jinping (R) and Brazilian President Luiz Inácio Lula da Silva. Photo- AFP
Brazilian President Luiz Inacio Lula da Silva said on Wednesday he supported creating a currency for trading between BRICS countries, a group that includes his nation as well as Russia, India, China and South Africa.
Speaking during a trip to Spain, Lula also said his government would not privatize any public company and once again called for an expansion of the U.N. Security Council’s permanent members.
A report by Eurizon SLJ Asset Management said that the US dollar “suffered a stunning collapse in 2022 in its market share as a reserve currency, presumably due to its muscular use of sanctions” after the Russia-Ukraine conflict.
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The greenback’s share of global reserves has decreased from about two-thirds in 2003 to 55 per cent in 2021 and 47 per cent in 2022, said strategists Joana Freire and Stephen Jen based on their calculation.
Iran has abandoned settling trade in dollar with China and Russia. Saudi Arabia said it will completely give up PetroDollar and begin accepting PetroYuan.
Meanwhile, Russia has been largely using Chinese yuan in international trade. It is also mulling launching a joint BRICS currency.
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