Brasilia and Beijing decided to abandon the dollar in favor of their national currencies, the yuan and real. In this respect Wrote Citing a message from the Brazilian Trade and Investment Promotion Agency (ApexBrasil) on the website of the Fox Business TV channel.
Now Brazil and China will be able to directly exchange the yuan with the real and vice versa. Previously, the parties had to first convert their national currencies to US dollars when making deals.
The new regulation is expected to reduce costs and facilitate investment, as well as encourage further expansion of bilateral trade.
China is Brazil’s largest trading partner. Beijing handles more than one-fifth of all imports, followed by the United States. The turnover between countries is 150 billion dollars per year.
Citing a statement by the Shanghai Oil and Gas Exchange on the eve of the Business Times, WroteChina’s third-largest national oil company reported that China National Offshore Oil Corporation (CNOOC) has for the first time sold a batch of liquefied natural gas to TotalEnergies (France), one of the world’s largest oil and gas companies, by paying in yuan.