G20: Brazil insists on replacing the weak U.S. Dollar by a basket of currencies as reserve currency

Guido Mantega, the Brazilian finance minister, reiterated on Friday his call replace the dollar with a basket of currencies as reference-currency. He says it is a moment of weakness for the U.S. currency, and holding dollar reserves "loses money."
"The natural tendency is that as other economies emerge, a new system of currencies should appear. But it's not an easy or quick thing to do. But keeping in reserves in dollars loses money".
"The diversification of currencies is possible. But it is not easy because global trade is used to the dollar. The general trend of multilateralism," Mantega defended.
"Once the rulers in the world economy were two or three countries, but today there is a change. It is not so now" he added.

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