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Brazil and China Deepen Trade Integration to Move Away From US Dollar, as First Yuan-Based Settlement Is Processed

Brazil and China have reached a milestone in their economic integration, as the first bilateral settlement in Chinese yuan was completed ahead of the visit of President Luis Inacio “Lula” da Silva to China.

The settlement, which was processed by the Industrial and Commercial Bank of China (ICBC) paves the way for cheaper and simpler payments between the countries, according to analysts.

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