The governments of Brazil, now under the leadership of radical leftist Luiz Inácio Lula da Silva, and communist China announced an agreement on Wednesday to no longer use the U.S. dollar to conduct trade, instead relying on the Chinese yuan and Brazilian real.
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Deforestation in the Brazilian Amazon reached its worst-ever February levels during the second month of socialist convicted felon Luiz Inácio Lula da Silva’s third presidential term, according to preliminary data published by Brazil’s National Institute for Space Research (INPE) on Friday.
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Ahead of the BRICS summit in South Africa, China and Brazil have struck a deal which will see the two emerging economies trade in each others currencies, and not the dollar.
The deal amounts to around $30 billion per year, and is the most significant step the nations have taken to shift the dynamics of global trade away from the dollar.
The BRICS nations (Brazil, Russia, China, India and South Africa) have long sought to change the balance of global trade away form the dollar, which is presently the global reserve currency.
The BRICS summit will also discuss the formation of a new International Development Bank, which they hope will serve as an alternative to the World Bank. The BRICS leaders argue that the establishment of a new development bank would make the global banking system more democratic.