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China & Brazil Sign Deal on Yuan Clearing Arrangement

  • Announced earlier this morning, China's central bank has signed a memorandum of cooperation with the Central Bank of Brazil to establish renminbi (RMB) clearing arrangements in Brazil.
    • These arrangements are expected to help enterprises and financial institutions to conduct cross-border transactions using the RMB, according to a statement on the People's Bank of China website on Tuesday.
    • The bank also said they will also further facilitate bilateral trade and investment between the two nations.

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