Lula's Influence on Xi Jinping's Leadership

Brazilian President Lula da Silva's visit to China has added momentum to Xi Jinping's ambition to reduce the role of the US dollar in global trade and finance. Lula urged fellow BRICS economies to accelerate efforts to supplant the dollar and said the BRICS-created New Development Bank should take the lead in wrestling financial power away from Washington. Lula's support for a dollar alternative could be a particularly powerful booster for Xi, who has long sought to reduce the dollar's dominance in global commerce.