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 a RMB clearing arrangement in Brazil. Enterprises and financial institutions of the two countries can use RMB for direct settlement. The Central Bank of Brazil announced on March 31 that the renminbi has surpassed the euro to become the country's second largest international reserve currency.
In early April, China and Brazil successfully handled the first cross-border RMB settlement business, no longer using the US dollar as an intermediate currency, showing significant advantages in terms of liquidation efficiency and exchange costs.
Up to now, more than 30 countries, including Indonesia, Iran, Russia, and Germany, are gradually switching to using RMB in trade settlement or investment.
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