人 民 币 ----------------- 巴 西 雷 亚 尔
Ren Min Bi Bā xī léi yà ěr
The Banco do Brasil (BB), one of Brazil's most solid financial institutions and certainly a big player at the Foreign Trade and Forex markets, has made a bold move towards the integration of BRIC's currencies.
Today, it was announce that BB has financed CBMM's export of Niobium-based products to China by advancing CBMM Brazilian Reais in exchange for future Chinese Ren Min Bi receivables.
The BRIC moves toward the mutual use of its currencies
Some might remember how I got excited with the Memorandum of Understanding signed by BRIC's development banks in 2010, which aimed at the granting of international loans in native currency, without the use of Euros, Dollars, etc.
Well, it is already happening.
Chinese companies, this will make your operations in Brazil cheaper (the hedge cost will be reduced). Make good use of it.
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