China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, the Brazilian government said on Wednesday, Beijing’s latest salvo against the greenback.
The deal would enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reals and vice versa instead of going through the US dollar.
“The expectation is that this will reduce costs ... promote even greater bilateral trade and facilitate investment,” the Brazilian Trade and Investment Promotion Agency said in a statement.
Photo: AFP
China is Brazil’s biggest trading partner, with a record US$150.5 billion in bilateral trade last year.
The deal, which follows a preliminary agreement in January, was announced after a high-level China-Brazil business forum in Beijing.
Brazilian President Luiz Inacio Lula da Silva was originally scheduled to attend the forum as part of a high-profile China visit, but had to postpone his trip indefinitely on Sunday after he came down with pneumonia.
The Industrial and Commercial Bank of China and Bank of Communications BBM are to execute the transactions, officials said.
China has similar currency deals with Russia, Pakistan and several other countries.
Malaysia yesterday installed a motorcycle-riding billionaire sultan as its new king in lavish ceremonies for a post seen as a ballast in times of political crises. The coronation ceremony for Malaysia’s King Sultan Ibrahim, 65, at the National Palace in Kuala Lumpur followed his oath-taking in January as the country’s 17th monarch. Malaysia is a constitutional monarchy, with a unique arrangement that sees the throne change hands every five years between the rulers of nine Malaysian states headed by centuries-old Islamic royalty. While chiefly ceremonial, the position of king has in the past few years played an increasingly important role. Royal intervention was
X-37B COMPARISON: China’s spaceplane is most likely testing technology, much like US’ vehicle, said Victoria Samson, an official at the Secure World Foundation China’s shadowy, uncrewed reusable spacecraft, which launches atop a rocket booster and lands at a secretive military airfield, is most likely testing technology, but could also be used for manipulating or retrieving satellites, experts said. The spacecraft, on its third mission, was last month observed releasing an object, moving several kilometers away and then maneuvering back to within a few hundred meters of it. “It’s obvious that it has a military application, including, for example, closely inspecting objects of the enemy or disabling them, but it also has non-military applications,” said Marco Langbroek, a lecturer in optical space situational awareness at Delft
The Philippine Air Force must ramp up pilot training if it is to buy 20 or more multirole fighter jets as it modernizes and expands joint operations with its navy, a commander said yesterday. A day earlier US National Security Adviser Jake Sullivan said that the US “will do what is necessary” to see that the Philippines is able to resupply a ship on the Second Thomas Shoal (Renai Shoal, 仁愛暗沙) that Manila uses to reinforce its claims to the atoll. Sullivan said the US would prefer that the Philippines conducts the resupplies of the small crew on the warship Sierra Madre,
AIRLINES RECOVERING: Two-thirds of the flights canceled on Saturday due to the faulty CrowdStrike update that hit 8.5 million devices worldwide occurred in the US As the world continues to recover from massive business and travel disruptions caused by a faulty software update from cybersecurity firm CrowdStrike, malicious actors are trying to exploit the situation for their own gain. Government cybersecurity agencies across the globe and CrowdStrike CEO George Kurtz are warning businesses and individuals around the world about new phishing schemes that involve malicious actors posing as CrowdStrike employees or other tech specialists offering to assist those recovering from the outage. “We know that adversaries and bad actors will try to exploit events like this,” Kurtz said in a statement. “I encourage everyone to remain vigilant