Brazil - Brazzil Mag - Dollar Out in Brazil-China Trade. Real and Yuan In
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  Monday, 30 November 2009 
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Dollar Out in Brazil-China Trade. Real and Yuan In PDF Print E-mail
Written by Newsroom   
Tuesday, 30 June 2009

Yuan and the Dollar Brazil's Central Bank (BC) informed that it has reached an initial understanding with China for the gradual elimination of the US dollar in bilateral trade operations which in 2009 are estimated to reach US$ 40 billion.

"We have reached an initial understanding and we will begin working on the issue" to use the real and the yuan in bilateral trade said a spokesperson for the Brazilian Central Bank.

BC's chairman Henrique Meirelles met Sunday with his Chinese counterpart Zhou Xiaochuan in Switzerland where they are participating in a meeting of the International Bank of Settlements.

However Meirelles pointed out that there was a difference between using local currencies for bilateral trade operations and deciding on moving towards a new currency which would replace the US dollar.

"For the US dollar to be left aside as an international reserve currency there must be another currency which must perform that role," Meirelles said quoted by the Folha de S. Paulo. The Brazilian official also anticipated that there are similar discussions with India to replace the US dollar for the real and the rupee in bilateral trade.

The announcement follows the first meeting in Beijing between Brazilian and Chinese monetary and financial experts. A schedule of technical meetings was agreed two weeks ago by President Lula da Silva during the BRIC group summit (Brazil, Russia, India and China).

BRIC members are considered the largest and fastest growing developing nations.

China became this year Brazil's main trade partner ahead of the US. Brazilian exports to China in the first quarter of this year jumped 64% compared to the same period a year ago. Brazil sells mainly soy and iron to China and this year those sales soared 70% and 50%.

Oil is also expected to join the list of commodities sold to China once Brazil begins the commercial development of the recently discovered sub-salt hydrocarbons resources. In anticipation of these operations the Chinese government banking system extended Brazil and its government managed oil corporation a 10 billion US dollars loan.

China also announced that it was ruling out any "sudden changes" to its foreign- reserves policy. China is the world's main holder of US federal bonds.

China's currency policy remains "quite stable," central bank Governor Zhou Xiaochuan told reporters, easing concern that emerging-market nations, particularly BRIC may abandon the dollar.

The US currency is expected to strengthen as much as 17% in the second half of the year as North America recovers from recession faster than Europe, according to this year's most accurate foreign-exchange forecasters.

Mercopress

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Brazil / China and the New Asian Currency
written by Ricardo C. Amaral, June 30, 2009
Basically this is a first step regarding Brazil adopting the New Asian Currency.

My new article regarding this subject it is almost done and will be ready for publication by Monday of next week.

.
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SEE SAW OF VALUE IN THE SHORT TERM
written by forrest allen brown, June 30, 2009
HOW WILL IT BE WHEN BRASIL OR CHINA MOVE ITS MONEY UP OR DOWN ??
to make a bigger cut into the others countries money >

holding so much dept from the USA is china ready to deal with brasil ways .

brasil oil 40 bucks to extract from the earth .
sauida arabia 2 bucks a berall
us off shore 11 a barrel to pump up .

good luck to you brasil
will this mean all the illeagles will now be going to china ????????????????????????????
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Brazil / China and the New Asian Currency
written by ch.c., June 30, 2009
What an idiot Ricardo is ! Proven one more time !
Actually, China and Brazil trade using the US$ as a base. Right ?
Then to bypass the US$ they will only create what is called...A PAIR....in the currency world !
Simple as that ! Nothing more....nothing else !

Stupid question to the stupid Ricardo :
using your own stupid theory, are you telling us the UK will enter the Euro Zone BECAUSE there is already a currency pair GBP/Euro...... for the last 10 years ?????????
Ohhhh but there is also a currency pair for GBP/US$...if you did not know !
Therefore what currency will the UK adopt.....in your stupid mind ? the US$ or the Euro since the UK have a currency pair with both ?


And are you saying Japan & Switzerland will adopt ther US$, or the Euro ? Both currencies have already a currency pair with both the US$ and the Euro...if you did not know !

Last but not least, there is also a currency pair between the GBP and the Swiss Franc...if you did not know !
Who is going to adopt the other currency...in your view.


And and and....recently Brazil and Argentina also agreed to issue a currency pair. Who is going to adopt the currency of his neighbour ????

And and and...has the Mercosur noooo plan to have their own currency ?
And and and...has the UN(A)SUR group of junkies not a similar plan ?

Simple proof Ricardo that you are a triple idiot...in a terminal phase !
Therefore I have no reason to believe differently that you got the genes of your idiots and corrupted ancestrors that you are so proud of....IN YOUR GENES...AND WELL ANCHORED !!!!!!

Feel free to answer to what currency the GNP will merge into. Same for the Swiss Franc and the Japanese Yen since these countries have currencies pairs with most developed nations currencies !

Mixing up everything doesnt make you smarter Ricardo. and you also have proven it by underlining your membership to Elite Trader. A group of junkies traders...until proven otherwise !

You simply dont know what you are talking about, but no doubt you are trading currencies like an apparent expert...and lose your shirt...as usual

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Reply to ch.c
written by Ricardo C. Amaral, June 30, 2009
You are calling me stupid?

Talking about being stupid you got first prize since you are the one that just gave a full response to an article that has not even been published.

You did not even make any smart guesses and your rumblings are nothing more than pure nonsense.

.


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Ricardo C. Amaral
written by forrest allen brown, July 01, 2009
what do you think about the vote in congress that gives a free way to
the bric union not having to hold to the green standardes the compaines in the US and other countries do ??

to me its like let them destory the air , rivers , land , while giving them less tax on imports the the US and EU .

this go along with your money idea
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Ch.C You are right about Ricardo!
written by Tom Lloyds, July 03, 2009
You are right about Ricardo, Ch.C!

Ricardo cannot even distinguish New Asian Currency and Yuan. Trading in Yuan and Real does not mean that one country will adopt the others currency.
Ricardo is so keen to ask Brazil to adapt the New Asian Currency. Chinese has absolutely zero interest.

As I said before, Brazil is welcome to apply to join the New Asian Currency zone. It is zero chance to get approval. China will not even apply. Their Yuan will control the world!
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