U.S. Treasury Secretary Janet Yellen defended the global dominance of the U.S. dollar during a press conference in Paris. She attended a summit on global finance hosted by French President Emmanuel Macron. Brazilian President Luiz Inácio Lula da Silva, also present, reiterated his call for countries to abandon the U.S. dollar in favor of their own national currencies or other alternatives. Lula argued that the use of the USD in international trade puts countries like Brazil at a disadvantage. South African President Cyril Ramaphosa responded by stating that currency issues would be discussed at the upcoming BRICS meeting. Yellen acknowledged the challenge of finding a viable alternative to the U.S. dollar, which has dominated global trade for decades. She highlighted the deep and liquid capital markets, the rule of law, and the availability of financial instruments as reasons for the dollar’s widespread use. While defending the U.S. dollar, Yellen also acknowledged the potential impact of financial sanctions on its hegemony. She further emphasized that no country, including China, can replicate the USD. Emerging markets, including BRICS and ASEAN members, are increasingly pushing for de-dollarization, with the BRICS proposing a common currency to be discussed at their upcoming summit.
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