General

On the 23rd local time, President of Brazil's President Lula said it was necessary to use a new currency for settlement in international trade when attending the New Global Finance Compact Summit in Paris, France.

China News Agency quoted Brazilian news website "G1" as reporting that Lula stated that alternative currencies should be created so that countries participating in commercial transactions can not rely on the US dollar without the participation of the United States.

When I say there is a need to create a new currency in new international trade, some people feel scared. I don't know why Brazil and Argentina must trade in US dollars, why can't we trade in our currency? Why must I buy US dollars? "Lula said.

Lula stated that using domestic currency for international trade settlement will be one of the key topics he will focus on at the next BRICS summit and G20 summit.

Since taking office as President of President of Brazil in January this year, Lula has expressed the position that international trade should be de dollarized on many international occasions. On May 29th, during a meeting with Venezuelan President Maduro, Lula expressed his dream of having another currency between the two countries that is not the US dollar, so that both sides can trade without relying on the US dollar. On May 30th, at the South American leaders' meeting, Lula once again proposed to de dollarize and establish a South American common currency, in order to seek South American countries' autonomy in international trade and economy.