China and Brazil reach an RMB-based trade deal.
Following in the footsteps of Russia and Iran, Brazil will allow its exporters to receive Chinese currency.

A Rio-based Chinese bank will be connected to China’s cross-border interbank Payment System (CIPS), an alternative to SWIFT, to support trade settlements between China and Brazil in renminbi.

Banco BOCOM BBM, a subsidiary of the Bank of Communications, China’s fifth largest bank, will be linked to CIPS to reduce the costs of commercial transactions with the direct exchange between Brazilian real and Chinese yuan, according to a statement released by the Brazilian Trade and Investment Promotion Agency (ApexBrasil).

The bank will become the first direct participant in the CIPS in South America while the Brazilian branch of the Industrial and Commercial Bank of China will become the renminbi clearing bank in Brazil, said ApexBrasil.

The announcement came after China and Brazil reportedly struck a deal to allow companies to settle their trade transactions in the two countries’ own currencies, ditching the United States dollar as an intermediary.

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