Foreign media： China and Pakistan have reached an agreement to conduct large-scale trade using local currency instead of intermediate currency US dollar.

　　[Global Network Reporter Zhang Xiaoya] According to Agence France-Presse, the Brazilian government said on March 29th that China and Brazil had reached an agreement to trade in local currency instead of using the US dollar as an intermediate currency.

　　Agence France-Presse said that this agreement will enable China and Brazil, the largest economy in Latin America, to conduct large-scale trade and financial transactions directly, and exchange RMB for the real, and vice versa, instead of using the US dollar as an intermediate currency. The report said that the agreement was announced after the China-Pakistan high-level business forum held in Beijing. In January this year, the two sides reached a preliminary agreement on this.

　　"This is expected to reduce costs … … Promote bilateral trade and investment facilitation. " The Brazilian Export Investment Promotion Agency said in a statement.

　　Agence France-Presse said that China is Brazil’s largest trading partner, with bilateral trade reaching a record $150.5 billion last year.

　　Bloomberg reported on March 25th that before Brazilian President Lula’s visit to China, hundreds of representatives of Brazilian agricultural enterprises "flocked to Beijing" this week, seeking to increase export cooperation with China and attract investment. Reuters also said that the delegation visiting China is huge, including cabinet ministers, governors, parliamentarians and 240 business leaders. Most of Brazil’s beef, soybeans and wood pulp are exported to China. Brazilian Foreign Ministry officials said that Brazil hopes to expand its trade with China beyond the export of iron ore, soybeans, soybean oil and meat, and is ready to sign agreements on technology, innovation and sustainable development.

　　According to the news published on the website of the People’s Bank of China in February, recently, the People’s Bank of China and the Central Bank of Brazil signed a memorandum of cooperation on establishing RMB clearing arrangements in Brazil. The establishment of RMB clearing arrangements in Brazil will be beneficial to enterprises and financial institutions in China and Pakistan to use RMB for cross-border transactions, and further promote the facilitation of bilateral trade and investment.