Reply To:
Name - Reply Comment
Last Updated : 2024-04-26 08:00:00
China and Brazil have reportedly reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, as part of the rising global use of the Chinese renminbi.
The deal will enable China and Brazil to conduct their massive trade and financial transactions directly, exchanging renminbi for reais and vice versa instead of going through the dollar, AFP reported on Wednesday, citing the Brazilian government.
"The expectation is that this will reduce costs... promote even greater bilateral trade and facilitate investment," AFP quoted the Brazilian Trade and Investment Promotion Agency as saying.
This followed what the People's Bank of China, the country's central bank, said in February about it signing a memorandum of cooperation with its Brazilian counterpart on establishing renminbi clearing arrangements in Brazil.
The arrangements will boost the usage of renminbi for cross-border transactions between enterprises and financial institutions in the two countries and further facilitate bilateral trade and investment, the PBOC said. (China Daily)
Quolp Thursday, 30 March 2023 05:55 PM
Well done, rather depending on US DOLLAR, this system of trade will open various ways for global order.
Shanthykumar Thursday, 30 March 2023 06:37 PM
When your enemy is surrounding your house and encouraging your neighbours to go against you , don't sit in your house and build walls , you also have to move closer to your ememies house and make strong friendships in your enemy's backyard. "ANCIENT JAFFNA PROVERB"
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul