Dedollarization Begins, China and Brazil Trade Using National Currencies

The dedollarization of trade between China and Brazil officially began with the use of their national currencies. According to a Xinhua news agency report Saturday, the Bank of China issued an announcement that the first commercial transaction with national currencies was carried out between China and Brazil. These two countries are two members of the BRICS group, which is the world's new economic power. Currently, Brazil, Russia, India, China and South Africa are the founding members of the BRICS group, and other countries, including Iran, have joined the new economic power. One of the most important goals of the BRICS group is to exclude the US dollar from trade transactions between fellow members of this group and also with other countries in the world. According to this report, China had used the yuan currency for the purchase of 43 containers of pulp and converted the yuan into Brazilian currency to pay the price of the goods purchased. It was then shipped from the port of Santos in Brazil to the port of Qingdao in China. The company, in agreement with other Chinese companies, adopted the yuan as the contract currency and Brazil's central bank as the payee in the trial.

China Central Television