China, Brazil strike deal to ditch dollar for trade

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China, Brazil strike deal to ditch dollar for trade
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BRASILIA, March 30 — 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,...

BRASILIA, March 30 — 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, Beijing’s latest salvo against the almighty greenback.

“The expectation is that this will reduce costs... promote even greater bilateral trade and facilitate investment,” the Brazilian Trade and Investment Promotion Agency said in a statement. The deal, which follows a preliminary agreement in January, was announced after a high-level China-Brazil business forum in Beijing.

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