Brazil's Lula Pushes for Local Currency Trade and Chinese Investment in Land Recovery

Brazilian President Lula da Silva met with Chinese President Xi Jinping in Beijing to strengthen ties and promote Brazil as a global deal broker. Lula criticised the US dollar's outsize role in global trade and the IMF's harsh spending cuts on cash-strapped countries. The two leaders are expected to discuss the Ukraine conflict, and Lula's visit highlights the goal of deepening trade ties between China and Brazil, Latin America's biggest economy. The countries recently announced a deal to trade in their own currencies, bypassing the dollar as an intermediary.