Local currency settlement is a trend, not to counter U.S. dollar

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New Development Bank sets new record with 1.2 billion U.S. dollar "panda bonds," RMB-denominated debts sold by overseas issuers in China. In Liu Xin's exclusive with H.E. Dilma Rousseff, she highlights the importance of local currency settlement & questions the absolute privilege of some currencies.

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02:25

Dilma Rousseff: I believe that in today's world, there is a growing trend to promote commercial exchanges using local currencies. I want to say that there are several important examples of these exchanges. For example, the petroleum market is a significant field in today's currency exchange. We now see when China and Saudi Arabia have their own oil trading, both countries use local currency to conduct trade. RMB is the currency that the two countries use.

Another important example is countries in the Global South are increasingly using local currencies for trade payments. What we are proposing is part of the financing for member countries should be settled in their local currencies. This type of financing can also be carried out using the currencies of other developing countries or emerging market countries in the currency basket. Local currency settlement can enhance corporate financing. I believe this is advantageous.

Many people question whether it's a measure to counter other currencies, but this is not the case. In short, we don't think the absolute privilege of settling all trades in U.S. dollars or Euros is right. We need to use our own currencies to strengthen the foundation of trade and investment in our countries.

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