BC and PBC will enable direct conversion of currencies in commercial transactions

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BC and PBC will enable direct conversion of currencies in commercial transactions

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March 29, 2023 19:40

This Wednesday (29), the Central Bank of Brazil (BC) informed that it signed a memorandum of understanding with the Central Bank of China (PBC) to enable direct conversion of the two countries’ currencies in commercial transactions.

BC and PBC will enable direct conversion of currencies in commercial transactions (Photo: Disclosure)

Since 2009, China has been Brazil’s biggest trading partner and in 2022, exports and imports together reached a record US$ 150.5 billion.

With this agreement, it will not be necessary to intermediate commercial operations between the two countries with the US currency, the dollar.

According to the Central Bank of Brazil (BC), the agreement provides that the Central Bank of China (PBC) appoint an institution authorized to operate in foreign exchange in Brazil as an “offshore clearing bank”.

According to the Central Bank of Brazil (BC), the operations will be ensured the subordination to the new foreign exchange law, to the pertinent infralegal regulations, to the legal norms referring to the authorization, regulation, supervision and sanctions of eventual business models to be developed or increased after signing the memorandum of understanding.

Tags: Currencies