China and Brazil Plan to Dump Dollar (FT)

May 19, 2009 by Administrator

This news will have significant repercussions for the United States economy. Editor

Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar, according to Brazil’s central bank and aides to Luiz Inácio Lula da Silva, Brazil’s president.

The move follows recent Chinese challenges to the status of the dollar as the world’s leading international currency.

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