Global Finance Tries to Decrease the Dependence on U.S. Dollar

China’s Xinhua news agency reported,” Brazilian Finance Minister Guido Mantega on Wednesday called for reforming the international financial system to get less dependent on U.S. dollars.”

G-20 in Seoul, said Mantega the need to create a system based on several currencies including the euro, the yuan, and even the Brazilian real.

“There may have to be a retreat of the U.S. dollar and an advance of other currencies. Then the United States’ measures will affect less the world,” the minister said.

Mantega reiterated his criticism of the quantitative easing measures announced by the U.S. Federal Reserve last week.

The minister admitted that the measures taken so far in Brazil to halt the appreciation of the real are not working and said that additional steps will have to be taken. He did not, however, specify which measures the Brazilian government plans to take.

Brazilian President Luiz Inacio Lula da Silva will also attend G-20 summit and is expected to arrive in Seoul on Thursday. The country’s president, Dilma Rousseff, which was officially invited to the summit, has already begun.