China and Brazil reached an agreement on bilateral trade with their domestic currency

China and Brazil have reached an agreement that will use their domestic currencies to settle in bilateral trade, and no longer use US dollars as intermediary currencies.

According to Agence France -Presse, the Brazilian government said on Wednesday (March 29) that Brazil has reached an agreement with China and no longer uses the US dollar as an intermediary currency.Essence

This agreement allows China to be the number one opponent in the US economic hegemony. Brazil, the largest economy in Latin America, can exchange Riyaer through the RMB and Rayar to exchange RMB and directly conduct large -scale trade and financial transactions.No longer through the US dollar as an intermediary currency.China also has the same currency settlement arrangements as Russia, Pakistan and other countries.

In order to deepen the China -Pakistan bilateral trade cooperation, China -Brazilian Business Seminar was held in Beijing on Wednesday. The 20 cooperation agreements signed at the meeting include the establishment of the RMB liquidation firm.The Brazilian Trade and Investment Promotion Agency (APEXBRASIL) said in a statement: "It is expected that this will reduce costs, at the same time promote larger bilateral trade, and provide convenience for investment." This business will be controlled by Bank of China BBM Bank and ChinaICBC (Brazil) is responsible.

According to the official website of the People's Bank of China, in February this year, the People's Bank of China and the Central Bank of Brazil signed a memorandum of cooperation for the establishment of RMB liquidation arrangements in Brazil.The establishment of the Brazilian RMB liquidation arrangement will help the use of RMB transactions in China and Pakistan enterprises and financial institutions for cross -border transactions, and further promote bilateral trade and investment facilitation.

According to the news of the Brazilian Trade and Investment Promotion Agency, China has been Brazil's largest trading partner since 2009.In 2022, the bilateral trade volume of China and Pakistan reached 150.5 billion US dollars (the same below, about S $ 200.2 billion), setting a historical record. Among them, Brazil's export volume was US $ 89.7 billion and the import value was US $ 60.7 billion.

In addition, Brazil is also a major country (about 48%) that China has invested in Latin America.In 2021, China is the eighth largest investment country in Brazil (Asia), surpassing Japan, South Korea and India.

From 2012 to 2021, Brazil's direct investment in China increased by 114%, increasing the importance of China's increasingly growing destination as a Brazilian enterprise.