China and Brazil agreed to trade in their own currencies, bypassing the US dollar as an intermediary. The deal allows them to conduct direct trade and financial transactions, exchanging yuan for reais and vice versa, which is expected to reduce costs and promote greater bilateral trade and investment. China is Brazil’s biggest trading partner, with a record $150.5 billion in bilateral trade last year. The announcement came after a high-level China-Brazil business forum in Beijing.
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