The first Brazil-China yuan settlement was processed by the Industrial and Commercial Bank of China, designated by the Chinese government to act as a clearing institution for Brazilian companies.
Brazil and China Deepen Trade Integration to Move Away From US Dollar, as First Yuan-Based Settlement Is Processed
Brazil and China have reached a milestone in their economic integration, as the first bilateral settlement in Chinese yuan was completed ahead of the visit of President Luis Inacio “Lula” da Silva to China. The settlement, which was processed by the Industrial and Commercial Bank of China paves the way for cheaper and simpler payments between the countries, according to analysts.
The integration of the Chinese yuan in cross-border settlements signals a new, simpler way for companies to be involved in trade transactions without including a third currency conversion factor. Brazil and ChinaGuo Haiping, honorary president of the General Chamber of Chinese Entrepreneurs in Brazil, explained that the stability of the yuan was paramount in these operations, helping institutions save on exchange fees.
that with the integration of yuan settlements, investments are cheaper and less risky because they don’t require conversions to a third currency.The transaction came before the visit Brazilian President Luis Inacio ‘Lula’ da Silva made to his Chinese counterpart, President Xi, with analysts expecting more integration announcements, including the potential integration of Brazil into China’s “Belt and Road” initiative.
‘Lula’ has already called for the abandonment of the U.S. dollar as part of his statements during the appointment of former Brazilian President Dilma Rousseff as president of the New Development Bank in Shanghai, the so-called “BRICS bank.” In a speech at the event, ‘Lula’I ask myself every night why all countries have to base their trade on the dollar.
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