China and Brazil sign yuan trade agreement
China and Brazil have signed an agreement on yuan trade and plan to expand cooperation. It was announced by Deputy Minister of Commerce of the People's Republic of China Guo Tintingz, the newspaper Folha de Sao Paulo.
According to him, the agreement greatly facilitates trade. The official added that the countries intend to expand cooperation in food and minerals, as well as look for opportunities to export high value-added goods from China to Brazil and from Brazil to China.
It is noted that on Wednesday, March 29, Brazil and China announced the creation of a clearing house. It will provide for settlements without the use of the US dollar, as well as credit in national currencies, to facilitate and cheapen transactions between the countries and get rid of the dollar dependence in bilateral relations.