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The South shutting out the almighty dollar

May 21, 2009

Brazil and China sign a $10 billion deal, and it might get conducted in their own currency: ‘In an editorial in Tuesday’s official China Daily, Silva said emerging economies like Brazil and China had a responsibility to help build a “more just and fair international order.” The president gave no details, although he said in a magazine interview last week that China and Brazil should conduct their trade in their own currencies instead of the dollar. Silva says doing so would reduce transaction costs for both exporters and importers, especially those operating on a smaller scale. Brazil and Argentina have already agreed to trade with each other using their own currencies.’

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