Recently, the central banks of China and Brazil has signed a memorandum of understanding to establish yuan clearing arrangements in Brazil, the People’s Bank of China said on the 7th of February. The establishment of these arrangements will be beneficial for transactions between the two countries and will promote bilateral trade and investment facilitation, the Chinese central bank said.

According to China’s own CB, trade between the country and Brazil reached US$172 billion in 2022, a jump from 2020, when exports and imports computed US$104.3 billion, according to the Observatory of Economic Complexity (OEC) date.

In recent months, China has signed similar yuan clearing agreements with Pakistan, Kazakhstan and Laos.

(Source: UOL)