3rd October 2023 – (Beijing) In a groundbreaking development for bilateral trade, China and Brazil have successfully conducted a comprehensive transaction using their respective local currencies. This significant milestone marks the first time that a full-process, closed-loop trade has been achieved between the two nations in such a manner. The Chinese Embassy in Brazil made the announcement on Monday, highlighting the potential implications for future economic cooperation between the two countries.
The implementation of local currency trade signifies a move away from traditional trade practices that rely heavily on internationally recognized currencies, such as the U.S. dollar. By conducting transactions in their own currencies, China and Brazil aim to enhance economic ties, reduce currency exchange risks, and promote trade efficiency.