China, Brazil to trade in local currencies

Gaining recognition: A person holds Chinese yuan banknotes. More economies are willing to use the yuan in clearing and payments, which is a significant step for the Chinese currency to internationalise. — Reuters

HAINAN: The Chinese yuan is speeding up in expanding its global use, a trend that will help build a more resilient international monetary system, one that is less dependent on the US dollar and more conducive to trade growth, experts say.

They commented after China and Brazil – two major emerging economies and BRICS members – reportedly reached a deal to trade in their own currencies, ditching the US dollar as an intermediary.