The exchange, reports the Brazilian press, was possible thanks to the creation of a clearinghouse (Clearing House) at the Industrial and Commercial Bank of China (Ibcc) following an agreement between the government of Brazil and China, signed during the state visit of the president, Luiz Inacio Lula da Silva, to China last April.
https://www.agenzianova.com/en/news/bras...te-locali/
This is a good start. All countries should gradually go away from that useless USD and embrace another currency. US times on the dragon throne should be coming to an end soon which is why they so desperately come out all sorts of pattern to suppress and target China especially.
US sibeh bo song liao. Sure find ways to teach XJP a lesson not to act smart to replace USD.
Silly thing to cheer.
Once Brazil get their hands on Yuan they will convert to USD as they need to pay their USD debt.
This leak yuan to offshore market for speculators to attack the Yuan.
It will.back fire on China and already since effort to dedollarise, Yuan is turning into toilet .
Just like many of the plans from China these days the chance of backfire is there.
![[Image: RGV0oOq.jpg]](https://i.imgur.com/RGV0oOq.jpg)
Brazil can sell their US debt to China. China needs to clear off their USD.
(06-10-2023, 05:22 PM)sgh Wrote: [ -> ]This is a good start. All countries should gradually go away from that useless USD and embrace another currency. US times on the dragon throne should be coming to an end soon which is why they so desperately come out all sorts of pattern to suppress and target China especially.
I think they should not embrace another currency as that will end up like using USD which is bad for the world. They should just try to trade in their own currencies if possible. If an intermediate currency is still required, have a neutral currency for the whole world.
The US already planned for this. It will be a basket of currencies. The former has been taking the USD out of the world financial system.
(06-10-2023, 05:40 PM)Levin Wrote: [ -> ]I think they should not embrace another currency as that will end up like using USD which is bad for the world. They should just try to trade in their own currencies if possible. If an intermediate currency is still required, have a neutral currency for the whole world.
What in your mind is a neutral currency? I was still thinking of physical gold but it will be hard to transact virtually?
(06-10-2023, 05:44 PM)sgh Wrote: [ -> ]What in your mind is a neutral currency? I was still thinking of physical gold but it will be hard to transact virtually?
It has to be created. There were several proposals but no effort was put in to bring them to fruition.
Another way is to have several currencies for trading. At least 6 with none of them crossing 20% of all global transactions. That way, risks are highly reduced unlike now.