Brazil's President Calls for Ending Dollar Dominance

Brazil President Luiz Inácio Lula da Silva called on developing countries to find an alternative currency to the dollar, denouncing the central role of the greenback in global trade.

"Why can't we do trade based on our own currencies?" Brazil said during this week's state trip to China. "Who was it that decided that the dollar was the currency after the disappearance of the gold standard?"

"Why can't a bank like that of the BRICS have a currency to finance trade relations between Brazil and China, between Brazil and other countries? It's difficult because we are unaccustomed [to the idea]. Everyone depends on just one currency."

Last year, BRICS nations reviews a new currency based on a basket of member currencies.

In January, Lula announced that Brazil and Argentina were planning to develop a common currency in another bid to move away from the dollar's dominance.