Meaning, implications of rising tide of de-dollarization

"Every night I ask myself why all countries have to base their trade on the dollar. Why can't we do trade based on our own currencies? Who was it that decided that the dollar was the currency after the disappearance of the gold standard?"

That was part of the speech that Brazil's President Luiz Inacio Lula da Silva delivered at the New Development Bank in Shanghai, during his four-day State visit to China in April.

Lula's frank observations were made amid the rising tide of de-dollarization, which is especially true in recent years when the US dollar has become more volatile amid rising interest rates in the United States and more drastic fluctuations of commodity supplies and prices.