China expands policy of moving away from U. S. dollar
2023.02.07 08:41
China expands policy of moving away from U. S. dollar
By Kristina Sobol
Budrigannews.com – China’s central bank said on Tuesday that it had signed a memorandum of understanding with Brazil to set up yuan clearing arrangements in the country. This was done to help boost the currency’s global influence.
The People’s Bank of China stated on Tuesday that establishing such arrangements for the renminbi (yuan) would benefit cross-border transactions and further facilitate bilateral trade and investment.
Similar yuan clearing agreements have been signed by China with Pakistan, Kazakhstan, and Laos in recent months.
Chinese customs data show that bilateral trade between China and Brazil reached $172 billion in 2022.
Since 2009, China has been attempting to raise the value of the yuan around the world in an effort to challenge the United States dollar’s status as the world’s primary reserve currency and lessen its reliance on it in trade and investment transactions.
