Establishment of RMB Clearing Arrangement in Brazil Is Beneficial To Enterprises and Financial Institutions in China and Brazil

SHANGHAI, Apr 25 - At the regular press conference of the Ministry of Foreign Affairs held on March 30, a reporter asked that the Brazilian government stated on Wednesday that Brazil and China reached an agreement that in the future, trade can be conducted in local currencies, without necessarily using the US dollar as an intermediate currency.

In response, Foreign Ministry spokesperson Mao Ning said that China and Brazil signed the Memorandum of Cooperation on the Establishment of RMB Clearing Arrangements in Brazil earlier this year.

She said that we believe that the establishment of the RMB clearing arrangement between China and Brazil is conducive to the use of RMB by enterprises and financial institutions in China and Brazil for cross-border transactions, and to promote bilateral trade and investment facilitation.