HomeEconomyChina and Brazil conducted...

China and Brazil conducted trade without dollars for the first time

An agreement to abandon the US dollar in bilateral trade was reached in April of this year.

For the first time, China and Brazil have agreed under a trade agreement between the two companies in their national currencies, without using the US dollar. China Daily reported this with reference to the Bank of China.

The agreement involves the export of 43 boxes of pulp from Brazil’s Eldorado Brasil to China. They were shipped in August from the Brazilian port of Santos to the Chinese Qingdao.

The Brazilian company agreed with the Chinese importer to use the yuan for payment. The Bank of China opened an RMB letter of credit, a short-term line of credit, with Eldorado Brasil and immediately transferred the RMB in Brazilian reals to the supplier’s account.

The bank emphasized that this happened for the first time in the history of trade between the two countries.

The agreement to remove the US dollar from bilateral trade was reached in April during the visit of Brazilian President Luiz Inacio Lula da Silva to China.

Brazil actively promotes the transition to payments in national currencies in trade not only with China, but also with other countries of the so-called Global South. This issue received significant attention at the most recent summit of BRICS (Brazil, India, South Africa, China and Russia) leaders held in Johannesburg in August.

Russia is actively advocating for the abandonment of the US dollar, because due to the sanctions for the invasion of Ukraine, access to the US currency is denied.

China also continues to talk about the need to abandon the dollar in trade with other countries and is trying to gradually internationalize the yuan and make it one of the world’s currencies.

Russia and China switched payments for gas supplies to rubles and yuan
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

The DPRK was promised by the “unclear” Poddjakke of Russia in the war against Ukraine

Russian military criminal, secretary of the Russian Council Sergey Shayga, visited Phogyan, where he met with Kim Jong. He promised him that the DPRK would support Russia, in particular, in the war against Ukraine. The parties discussed a joint operation in the Kursk...

In Pryluky, RF Postal House -Topl in the leader of the leader

In Pryluky, a hostile drone hit the house of the head of the local fire department. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } His family was killed: his wife,...

Russians were pushed to Constant and could be shot by a garden from artillery

The Russians have advanced towards Konstantinovka and are already shooting from artillery Ukrainian positions near the city. This is indicated in the report of the Institute of Military Research (ISW). .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px;...