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BRASILIA - China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, the Brazilian government said on Wednesday, Beijing’s latest salvo against the almighty greenback.
The deal will enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar.
“The expectation is that this will reduce costs... promote even greater bilateral trade and facilitate investment,” the Brazilian Trade and Investment Promotion Agency (ApexBrasil) said in a statement...
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Awesome!!! I don't care what damage I incur as long as we can stop the Molloch worshippers from murdering children.
This will end up a spectacular failure. The Chinese believe it will give them access to Brazilian agricultural products. But, because Brazil was unable to get Russian fertilizer this year, there will be a major shortfall in Brazilian farmed products. Both sides are going down the drain.