De-Dollarization: China, Brazil Can Be Instrumental in Building Less Centralized World With No Hegemony, Says Lula’s Adviser
Brazil’s President Luiz Inacio Lula da Silva’s chief adviser on foreign policy, Celso Amorim, says China and Brazil “are coming closer together” and they could play important roles in building a less centralized world with no hegemony. Commenting on de-dollarization, he stressed: “I think it’s very important that we are free from the dominance of one single currency because sometimes it is used politically.”
China and Brazil have agreed to conduct trade in their respective currencies, rather than using the U.S. dollar. Additionally, both countries are part of the BRICS group that is reportedly working to create a new form of currency that will further shift them away from USD reliance.
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