March 31, 2023
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China and Brazil reached a deal to trade in their own currencies, ditching the U.S. dollar as an
intermediary, the Brazilian government said Wednesday.
The deal will enable China, the world's second-largest economy, 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.
China is Brazil's biggest trading partner, with a record $150.5 billion in
bilateral trade in 2022.
China has similar currency deals with Russia, Pakistan and several other
countries.
(Sources: China Report)
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