Lula Backs BRICS Currency to Replace Dollar in Foreign Trade (1)

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.

Lula’s remarks were made on Thursday during a visit to the Shanghai-based New Development Bank, an institution created by BRICS countries, which, along with Brazil and China, include Russia, India and South Africa. Former Brazil President Dilma Rousseff is the bank’s new chief executive.

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Luiz Inacio Lula da Silva and Dilma Rousseff

Photographer: Victor Moriyama/Bloomberg

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