stop using the US dollar as an intermediary currency

On March 30, AFP and other foreign media reported that the Brazilian government said it had reached an agreement with China to stop using the US dollar as an intermediary currency and to conduct trade in its own currency.

The deal allows China, the top rival for American economic supremacy, and Brazil, Latin America's largest economy, to conduct large-scale trade and financial transactions directly, exchanging Chinese yuan for real and vice versa, rather than dollars, the report said.

"This is expected to reduce costs while promoting greater bilateral trade and facilitating investment," ApexBrasil, the Brazilian agency for the Promotion of Trade and Investment, said in a statement.

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