In an Oct. 12 written interview with the China’s People’s Daily, Brazilian economist Paulo Nogueira Batista, Jr., former vice president of the New Development Bank, emphasized the role that China and Brazil can play among the BRICS nations, and in working for world peace.
“There is a great expectation in the developing world that BRICS will come forward to produce viable alternatives to the dollar-centered international monetary and financial system…. The current dollar-centered international financial system is costly and vulnerable to unilateral actions by the U.S. and its allies, and the West resists any attempts to reform it in a major way.” People’s Daily reported that Nogueira “proposed three things regarding de-dollarization: promoting bilateral transactions in national currencies, building a new infrastructure for international payments and creating a new global reserve currency.”
