Brazil and China agree to abandon the US dollar in favour of national currencies
The agreement will allow the countries to conduct trade and financial transactions directly by exchanging yuan for reais or vice versa, instead of first converting their currencies into US dollars. It was reported by Folha de Sao Paulo.
pravda.ru
The new arrangement is expected to reduce costs and promote more bilateral trade, as well as facilitate investment.
“An agreement has been signed with Brazil on payment in renminbi, which makes our trade much easier. We intend to expand cooperation in food and minerals and to look for exports of high-value-added goods from China to Brazil and from Brazil to China,” said Guo Tingting, vice minister of commerce.
The paper notes that China has been Brazil’s biggest trading partner for the past 13 years. In 2022, trade between the two countries reached a record $150 billion.
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Brazil and China agree to abandon the US dollar in favour of national currencies