Brazil's president, Luiz Inácio Lula da Silva, asked, "Why can't we trade in our own currencies?"
Brazil's President Luiz Inácio Lula da Silva at a climate finance summit in Paris | @LulaOfficial Photograph:(Twitter)
The US dollar’s role as world’s primary reserve currency for global trade was challenged at a finance summit in Paris by South African President Cyril Ramaphosa and his Brazilian counterpart Luiz Inácio Lula da Silva after the US Treasury Secretary Janet Yellen defended the oversized role of US dollar in global markets.
At Paris Climate Finance summit, South African President Cyril Ramaphosa appeared to support Brazilian President Luiz Inácio Lula da Silva's call for emerging markets in the Global South to reconsider their reliance on the dollar.
Lula, who was on a panel with Ramaphosa, called for trading in domestic currencies and exploring alternative options.
'Issue of currency' to be discussed in BRICS summit
South African President Ramaphosa sa...
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