“Trade dominance is mostly based on the US dollar worldwide, which causeslocal currencies to suffer losses. If instead, this trade is conducted inlocal currencies, it will directly benefit those countries.
This is why many countries in the world are now attempting to promote tradein their local currencies, understanding its importance.
China and Brazil have initiated trade in their national currencies insteadof the dollar, and previously, Argentina and Bolivia had also conductedtransactions in the yuan.
According to reports, in the scope of trade between both countries, China’snational currency, the ‘Yuan,’ received payments directly converted intothe Brazilian currency ‘Real,’ marking the first instance of using nationalcurrencies.
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According to an international news agency report, this transaction was madeto purchase goods from the company ‘El Dorado Brazil,’ with its centraloffice located in the city of Shanghai, China.”