Chinese Yuan Surpasses Euro to Become Brazil's Second Largest Foreign Exchange Reserve Currency

SHANGHAI, Apr 25 - According to a report released by the Central Bank of Brazil on March 31 local time, the RMB has replaced the euro as the second most important currency in Brazil's foreign exchange reserves.

Some analysts pointed out that this reflects the deepening economic ties between Brazil and China.

As of the end of 2022, the RMB accounted for 5.37% of Brazil's total foreign exchange reserves, surpassing the 4.74% accounted for by the euro, and the US dollar continued to dominate at 80.42%.