The central banks of China and Brazil have signed a memorandum of understanding on the establishment of clearing mechanisms in Brazil. This was reported by the People’s Bank in China.
The memorandum signed by China and Brazil is aimed at increasing the influence of the Chinese currency in the world. A similar mechanism for the yuan will be useful in international transactions and will facilitate the facilitation of bilateral trade and investment.
Similar memorandums on the creation of clearing of cross-border payments China signed with Pakistan, Kazakhstan and Laos.
It is noted that bilateral trade between China and Brazil in 2022 reached 172 billion US dollars. This information was provided by China Customs.
Thus, China wants to push the dollar out of the world stage and increase the value of the yuan in all trade and investment transactions.
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