China, Brazil strike deal to ditch dollar for trade
ApexBrasil president Jorge Viana speaks at the Brazil-China Business Seminar, in Beijing, on March 29, 2023. PHOTO: REUTERS
BRASILIA - 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, Beijingâs latest salvo against the almighty greenback.
The deal will enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar.
âThe expectation is that this will reduce costs... promote even greater bilateral trade and facilitate investment,â the Brazilian Trade and Investment Promotion Agency (ApexBrasil) said in a statement.
ApexBrasil president Jorge Viana speaks at the Brazil-China Business Seminar, in Beijing, on March 29, 2023. PHOTO: REUTERS
BRASILIA - 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, Beijingâs latest salvo against the almighty greenback.
The deal will enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar.
âThe expectation is that this will reduce costs... promote even greater bilateral trade and facilitate investment,â the Brazilian Trade and Investment Promotion Agency (ApexBrasil) said in a statement.
