China, Brazil would exit dollar in bilateral trade
30/06/2009 § Leave a comment
China and Brazil are working on a currency arrangement to allow exporters and importers to settle deals in their local currencies, bypassing the U.S. dollar, the countries’ central banks said on Sunday.
The People’s Bank of China has arranged six bilateral currency swaps, totalling 650 billion yuan ($95.12 billion), since December with countries including Malaysia, Argentina, and Hong Kong.
Dollar is experiencing its last spasm before it dies.