China and Brazil strike deal to use own currencies for trade instead of dollar

China and Brazil reach RMB-based trade deal

A Rio-based Chinese bank will be connected to China’s cross-border interbank payment System (CIPS), an alternative to SWIFT, to support trade settlements between China and Brazil in renminbi. Banco BOCOM BBM, a subsidiary of the Bank of Communications, China’s fifth largest bank, will be linked to CIPS to reduce the costs of commercial transactions with […]

China & Brazil Ditch U.S. Dollar As Reserve Currency

China and Brazil have reached an agreement to abandon the U.S. dollar and trade using their own currencies, further fueling the de-dollarization trend gaining steam across the globe. The deal will allow the two countries to conduct their massive trade and financial transactions directly rather than using the U.S. dollar as an intermediary. “The expectation is that this will reduce costs… promote even greater bilateral trade and facilitate invest…

China And Brazil Strike Deal To Ditch The US Dollar

China And Brazil Strike Deal To Ditch The US Dollar In a time when de-dollarization news are dropping fast and furious and even Elon Musk is now jumping on a bandwagon... Combined with excess government spending, which forces other countries to absorb a significant part of our inflation — Elon Musk (@elonmusk) March 29, 2023 ... which we first defined a decade ago, not a day goes by without some modest or not so modest shift toward a world in w…

Panic as Brazil, China ditch US dollar

Brazil and China have agreed to bypass the US dollar when paying for trade goods - here’s why it’s a massive deal.

China and Brazil agree to ditch US dollar for trade

China and Brazil have reached a deal that would allow the two nations to conduct trade directly using their own currencies, doing away with US dollars as an intermediary.

Brazil Inks Deal to Use Yuan, Not Dollar, in Trade with China

Brazil and China announced a deal to no longer use the U.S. dollar to conduct trade, instead relying on the Chinese yuan and Brazilian real.