Janet Yellen defends dollar as BRICS nations debate reserve status

Janet Yellen defended the global dominance of the dollar after BRICS leaders questioned the outsized role of the world’s premier reserve currency in global trade.

  • South Africa’s president Cyril Ramaphosa appeared to back calls from Brazil’s president Luiz Inácio Lula da Silva to review their reliance on the greenback at a finance summit in Paris on Friday.
  • Brazil has advocated switching to trading in domestic currencies and other alternatives.

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