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Tuesday, Jun 06, 2023
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China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
The agreement will protect both countries from currency fluctuations and reduce transaction costs.
The move is part of China's broader efforts to promote the use of the Yuan, its currency, for more international trade.
Brazil is one of China's largest trading partners, and both countries hope the new deal will strengthen their economic ties.
This is not the first time China has pursued such trade deals, as it seeks to reduce its reliance on the US dollar and increase its influence in the global economy.
Other countries, such as Russia and Iran, have also made similar agreements with China recently.
While it is unlikely that the US dollar will lose its dominant position in the short-term, these deals signal a shift in the balance of power in the global economy.
Brazil is one of China's largest trading partners, and both countries hope the new deal will strengthen their economic ties.
This is not the first time China has pursued such trade deals, as it seeks to reduce its reliance on the US dollar and increase its influence in the global economy.
Other countries, such as Russia and Iran, have also made similar agreements with China recently.
While it is unlikely that the US dollar will lose its dominant position in the short-term, these deals signal a shift in the balance of power in the global economy.
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Comments
Oh ya 67 days ago
Day by day the US slips farther down the.. you dont matter to us list. And as those now not needed USD return to the States the inflation rate will increase. All things start slowly at first and then all of the sudden. Read the US is having trouble finding countries to buy its debt in the form of T bills
