Brazilian President Called on BRICS Countries to Settle in Local Currencies

SHANGHAI, Apr 25 - Brazilian President Luiz Inácio Lula da Silva visited the headquarters of New Development Bank during his visit to Shanghai on April 13.

Lula said in his speech, "When I was the President of Brazil (2003-2010), I was very honoured to have participated in the summits of organisations such as the Group of Twenty (G20) many times, and also cooperated with Russia, India, China and South Africa held many closed-door meetings.

At that time we wanted to set up our own development bank.

I think about a question every night, why do all countries use US dollars for settlement?

Why can't the RMB or other currencies become the international settlement currency? "

"Why can't (BRICS countries) settle in their own currencies?

In this regard, we are patient, and the Chinese know what patience is. "

"Why can't the BRICS Bank provide loans in the currencies of its member countries?

I know everyone is used to using dollars, but in the 21st century we can do things differently. "