China and Brazil set up infrastructure for renminbi clearing
Move comes as renminbi overtakes euro as Brazil’s second largest reserve currency
China and Brazil have pushed ahead with using their local currencies to settle trade, with a Rio-based Chinese bank joining a renminbi-denominated payment system backed by China’s central bank.
In a statement on March 29, Brazilian authorities said Banco Bocom BBM, a subsidiary of China’s Bank of Communications, will connect to China’s Cross-border Interbank Payment System (CIPS).
“The expectation is to reduce the costs of commercial transactions with the direct exchange between the Brazilian
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