China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as a common currency, the Brazilian government said on Wednesday, March 29. China has become Brazil's main trading partner.
Reports that China wants a “long-last relationship” with Brazil in terms of trade in agricultural goods and other products received attention in Asian markets. The two countries are ready to take their trade relationship “to new levels” amid an escalation of global trade wars, China's ambassador to Brazil Li Jinzhang said during an agribusiness conference in São Paulo on Monday.