BRICS: 2 Countries Officially Look to Trade in Local Currencies
BRICS members Brazil and China have officially agreed to settle cross-border payments in local currencies rather than the US dollar. Brazilian authorities support expanding the use of national currencies and are looking at opportunities to increase the payment option. The Luiz Lula da Silva administration is gearing up to end reliance on the US dollar before the upcoming summit. Also Read: BRICS: New Country Rejects Local Currency for Oil, Wants US Dollar BRICS: Brazil & China Look at Local Currencies For Trade Settlements Source: iStock Both the BRICS members Brazil and China are drawing plans to push local currencies forward for mutual payments. Brazil’s Secretary of the Finance Ministry Tatiana Rosito said that some trade between the two countries is already being settled in national currencies and not the US dollar. Lula da Silva had previously stated that the alliance must slowly end dependency on the US dollar. Also Read: BRICS Considers New Financial Options For Trade Settl...