Monitoring Desk
ISLAMABAD: According to a statement by The People’s Bank of China (PBOC) on Tuesday, the central bank and Brazil’s central bank recently inked a memorandum of cooperation to set up renminbi (yuan) clearing arrangements in South America’s largest economy.
As per the PBOC, the related mechanisms will help both financial institutions and enterprises in the two countries to be able to conduct cross-border transactions using China’s yuan.
Trade in yuan to boost trade, investment
The bank’s statement added that bilateral investment and trade would be be furthered.
In Latin America, Brazil is China’s largest trading as bilateral trade volume has consecutively surpassed $100 billion for four years.
In total, for 13 years in a row, China has been Brazil’s biggest trading partner for 13 consecutive years.
