RMB settlement
Release Date:
2023-05-04
In February this year, the People’s Bank of China announced the signing of a memorandum of cooperation with the Central Bank of Brazil to establish an RMB clearing arrangement in Brazil, enabling enterprises and financial institutions from both countries to settle transactions directly in RMB. On March 31, the Central Bank of Brazil announced that the RMB has surpassed the euro to become the country’s second-largest international reserve currency.
In early April, China and Brazil successfully completed their first cross-border RMB settlement transaction, eliminating the use of the U.S. dollar as an intermediary currency and demonstrating significant advantages in clearing efficiency and exchange costs.
To date, more than 30 countries, including Indonesia, Iran, Russia, and Germany, are progressively shifting to using the renminbi for trade settlement or investment.
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Rundong Textile – Weaving Workshop
Address: Approximately 210 meters southwest of the intersection of S223 and Longtai Road in Rundong Industrial Park, Wangliu Subdistrict, Weicheng District, Weifang City, Shandong Province.
Phone:+86-18866192999
E-mail:Gavin@rundongtextiles.com
Email: 261200
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