Anonymous ID: 258735 March 29, 2023, 3:50 p.m. No.18604097   🗄️.is 🔗kun   >>4264 >>4389 >>4490 >>4586

https://www.straitstimes.com/world/china-brazil-strike-deal-to-ditch-dollar-for-trade?fbclid=IwAR3zajFko50GubxJ3pPQ7R4SIR7zMWb8bINYeeb80WR8Weez6CIKAefFpCk

 

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, Beijing’s 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.

 

“The expectation is that this will reduce costs… promote even greater bilateral trade and facilitate investment,” the Brazilian Trade and Investment Promotion Agency (ApexBrasil) said in a statement.