Brazil requests that the dollar be abandoned.

Brazilian President Luiz Inacio Lula da Silva has stated that developing nations should move away from the US dollar in favor of their own currencies in order to push back against American dominance over the global financial system. He kicked off his visit to China with an event to mark the appointment of former Brazilian President Dilma Rousseff as the head of the New Development Bank, also known as the ‘BRICS bank’. Brazilian Finance Minister Fernando Haddad also traveled with the president to China, where he told reporters that Brazil would aim to create trade mechanisms for developing countries to bypass the use of the dollar. Lula's visit comes as Beijing increasingly promotes the use of its own currency, the renminbi, to settle international transactions. Trade between China and Brazil has seen a significant boost over the last decade, with Chinese firms buying up large amounts of minerals and agricultural goods in the South American country and investing in Brazilian infrastructure.

Brazilian President Luiz Inacio Lula da Silva has stated that developing nations should move away from the US dollar in favor of their own currencies in order to push back against American dominance over the global financial system. He kicked off his visit to China with an event to mark the appointment of former Brazilian President Dilma Rousseff as the head of the New Development Bank, also known as the ‘BRICS bank’. Brazilian Finance Minister Fernando Haddad also traveled with the president to China, where he told reporters that Brazil would aim to create trade mechanisms for developing countries to bypass the use of the dollar. Lula's visit comes as Beijing increasingly promotes the use of its own currency, the renminbi, to settle international transactions. Trade between China and Brazil has seen a significant boost over the last decade, with Chinese firms buying up large amounts of minerals and agricultural goods in the South American country and investing in Brazilian infrastructure.