Brazil And China Reach Deal Regarding Currency In Trade
The move is expected to 'reduce costs' as well as 'promote greater bilateral trade and facilitate investment'.
Brazil and China have struck a deal regarding currency and trade.
The deal will enable China and Brazil to carry out trade and financial transactions directly using their own currency versus having to convert it to the U.S. dollar first.
The move is expected to ‘reduce costs’ as well as ‘promote greater bilateral trade and facilitate investment’.
China is Brazil’s biggest trading partner that makes up over a fifth of all imports, while the U.S. is close behind.
China is also Brazil’s largest export market which makes up over a third of all exports.