China, Brazil strike deal to drop dollars
Print Edition
CHINA and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, the Brazilian government said on Wednesday.
The deal will enable China and Brazil to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar.
“The expectation is that this will reduce costs ... promote even greater bilateral trade and facilitate investment,” the Brazilian Trade and Investment Promotion Agency said in a statement.
China is Brazil’s biggest trading partner, with a record US$150.5 billion in bilateral trade last year.
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