China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, the Brazilian government said Wednesday.
The deal is expected to reduce costs, promote greater bilateral trade, and facilitate investment.
China is currently Brazil’s largest trading partner. China has similar currency deals with Russia, Pakistan, and several other countries.
Why does it matter? Because no currency lasts forever, and the dollar’s position as WRC (world reserve currency) is being challenged, in current events.
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