Share
Getting your Trinity Audio player ready...
|
Brazil and China announced a deal to carry out trade and financial transactions directly, exchanging yuan for reais, rather than first converting their currencies to the US dollar. This move is expected to reduce costs, promote greater bilateral trade, and facilitate investment.
Strengthening Ties
China is Brazil’s largest trading partner, accounting for over a fifth of all imports and more than a third of all exports. Brazil is also the largest recipient of Chinese investment in Latin America, with spending focused on electricity transmission lines and oil extraction.
Shifting Relations
The deal between Brazil and China follows a period of rocky relations under Brazil’s previous president, Jair Bolsonaro. The current president, Luiz da Silva, has sought to strengthen ties with Beijing since taking office. Despite having to cancel a recent trip to Beijing due to illness, a delegation of ministers, lawmakers, and business people are expected to accompany Lula on his first state visit.
Read more on Foxbusiness.com
RELATED TOPICS:
Top Brazilian Judge Orders Suspension of X Platform in Brazil Amid Feud With Musk
23 hours ago
How a Real Estate Boom Drove Political Corruption in Los Angeles
1 day ago
Palestinian TikTok Star Who Shared Details of Gaza Life Under Siege Is Killed by Israeli Airstrike
1 day ago
Visalia Rawhide and City Agree on Terms to Upgrade Stadium
1 day ago
![](https://gvwire.s3.us-west-1.amazonaws.com/wp-content/uploads/2024/03/16183042/Eagles-vs-49ers.jpg)
Bettors Banking on Eagles Resurgence, Cowboys Regression as NFL Season Begins
![A black poodle's face with his tongue sticking out](https://gvwire.s3.us-west-1.amazonaws.com/wp-content/uploads/2024/08/29135336/Rescued-from-an-abandoned-home-after-weeks-of-fending-for-himself-Adam-a-shy-but-sweet-poodle-mix-is-now-seeking-a-loving-forever-home.-Mells-Mutts-1024x538.jpg)
Abandoned Poodle Mix Adam Survives the Wild and Seeks a Forever Home
![](https://gvwire.s3.us-west-1.amazonaws.com/wp-content/uploads/2024/08/30180712/AP24242759968532-1024x576.jpg)
Top Brazilian Judge Orders Suspension of X Platform in Brazil Amid Feud With Musk
![](https://gvwire.s3.us-west-1.amazonaws.com/wp-content/uploads/2024/08/30151423/shutterstock_1654933633-copy-1024x576.jpg)
How a Real Estate Boom Drove Political Corruption in Los Angeles
![](https://gvwire.s3.us-west-1.amazonaws.com/wp-content/uploads/2024/08/28091346/082824-Lede-1024x576.jpg)