Source: Global Times
Brazil's "Revista O Globo" website August 12 article, original title: "Chilli Beans CEO: 'We will no longer use the US dollar in our business with China'". After the Trump administration imposed high tariffs on most countries, Brazilian entrepreneur and founder and CEO of Chilli Beans, Kito Maya, decided to stop using the US dollar for transactions with Chinese suppliers and instead use the Chinese yuan.
"This is absolutely not a temporary policy; we will continue to adopt this measure. Our idea is that (all our dealings with China) will no longer use the US dollar, including settlement, procurement, and trade." Maya said in an interview.
In Maya's view, the Asian market, including China, is a very promising region. Maya said, "Our partnership with China is not something new. For nearly 30 years, we have received support from the Chinese market and suppliers: we were introduced to China, obtained local suppliers, and have maintained a cooperative relationship for almost 30 years. This is a symbol of a win-win, healthy, and sustainable trade relationship between Brazil and China. The achievements of our company are precisely due to the support and trust from China." (Author: Laiyana Sena)
"Real Brazil" website August 12 article, original title: "A Brazilian entrepreneur who has imported from China for nearly 30 years says, 'Our idea is to never use the US dollar'". Chilli Beans is a Brazilian company active in the fast fashion sector, mainly selling sunglasses, prescription glasses, and watches. The company's CEO Maya said that his dream is "to produce locally in Brazil", but due to the scale of domestic demand and tax issues, all products are imported from China. "In Brazil, there is no factory that can meet our production capacity requirements."
The Chinese yuan first appeared in Brazil's international reserve currency in 2019. By the end of 2022, the Chinese yuan exceeded the euro in Brazil's international reserve currency composition: according to data from the Brazilian Central Bank, the share of the Chinese yuan was 5.37%, while the share of the euro was 4.74%. Since 2009, China has been Brazil's main trading partner.
In Brazil, the China Communications Construction Company (CCCC) - owned Brazilian BBM Bank, known as the CCCC Brazil branch (Banco BoCom BBM), became the first direct participant in the Cross-border Interbank Payment System (CIPS) in South America. (Author: Mauricio Ramos, translated by Xiao Pan)
Original: https://www.toutiao.com/article/7538571593224634895/
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