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last month it was announced that China and Brazil had signed an agreement on trade in mutual currencies abandoning the use of the US dollar as an intermediary the agreement means that the two countries will conduct a huge amount of trade that they do with each other directly exchanging Chinese one for Brazilian real and vice versa instead of using the US dollar for settlements Brazils new president Lula on his first state visit to China called for the countries of the brics group of Nations which is made up of Brazil Russia India China and South Africa to come up with their own alternative currency for use in trade every night I ask myself why all countries have to base their trade on the dollar Lula said in his speech why cant we do trade based on our own currencies he added to loud Applause from the Brazilian and Chinese dignitaries present at the event who was it that decided that the dollar was the currency after The Disappearance of the gold standard the strength of the US dolla