The Brazilian government is evaluating the possibility of launching a financing line in yuan for farmers, the Minister of Agriculture, Carlos Fávaro, said on February 1 in an interview with Reuters, commenting on options to help producers who, in the current season, are suffering from low soybean prices, in addition to crop failure.

“We are taking precautions to avoid a crisis, it is a time of bad weather, reduced production, flat prices. What we need are measures to anticipate the crisis," he stated.

Fávaro mentioned that dollarized international funding lines were a “success” previously, before commenting on a similar option in Chinese currency.

China is Brazil's main trading partner, being the largest importer of products such as soy, meat, sugar, among others.

(Source: Money Times, February 1)