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While the Western financial world panics out of the Euro and into the dollar, the dollar’s death by a thousand cuts continues as Brazil & China have announced a bilateral $30 billion trade accord to use the Real and Yuan and drop the US dollar.
As TheBRICPost reports, the deal will cover $30 billion in trade for 3 years:
In a major boost to economic ties between the two countries, China and Brazil have signed a new bilateral accord to use their national currencies in bilateral trade in a deal that will cover the equivalent of up to $30 billion in trade exchanges per year, for three years.
This announcement comes ahead of a crucial meet of the five heads of state in Durban tomorrow.
The deal was inked by the Chinese and Brazilian central bank governors and finance ministers in Durban on Tuesday.
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