What does Brazilian President Luiz Inácio Lula da Silva suggest for the New Development Bank?

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Brazilian President Luiz Inácio Lula da Silva suggests that the New Development Bank, which includes Brics countries and other nations like Egypt, Bangladesh, Uruguay, and the United Arab Emirates, should have a currency to finance trade relations between its member countries. He questions the dependency on just one currency (the US dollar) for international trade. Data from global payments platform Swift shows that the Chinese currency's share of trade finance has more than doubled to 4.5% since Russia's full-scale invasion of Ukraine last year, driven by a boom in shipments between Russia and China.

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