Some Chinese merchants in Brazil crave for RMB settlements
發佈日期: 2025-07-07 21:08
TVB News
With "de-dollarisation" among the key topics during April's BRICS Leaders' Summit in Brazil, some Chinese merchants there told TVB News about their hope for further internationalisation of the Chinese yuan.
They say bypassing U.S. dollar settlements could allow businesses to lower operating costs.
Electronics merchant Huang Yanjuan has worked in Rio de Janeiro for over 20 years.
Every month, she procures goods worth around 5 million yuan from Chinese wholesalers.
Since the U.S. slapped reciprocal tariffs on global trade partners, global financial markets have been volatile with sharp fluctuations in the greenback.
And that has given Huang lots of jitters as her goods have always been settled in U.S. dollars.
Since 2022, Brazil allows large firms to price and settle in RMB, and convert yuan directly to Brazilian real.
Huang hopes small and medium-sized enterprises like hers can soon use RMB settlement for stabler exchange rates and lower transaction fees.
Huang says for roughly every 100,000 U.S. dollars, they save 1,000 Brazilian real and direct Brazilian-yuan exchange gives them a major edge in foreign trade.
After Donald Trump's return to the White House, U.S. stocks, USD, and bonds faced multiple shockwaves.
Tariff wars have cast doubt on the stability and credibility of U.S.-denominated assets.
Terence Chong, Executive Director of the Lau Chor Tak Institute of Global Economics and Finance at the Chinese University of Hong Kong says Hong Kong's fully open financial market allows free capital and people flow, offering an ideal platform for BRICS.
He says Hong Kong could become a forex trading hub for BRICS countries and help issue bonds in their local currencies.
He argues as the hegemony of the U.S. dollar is facing unprecedented challenges, BRICS nations like Brazil may accelerate "de-dollarisation" in trade, promoting the internationalisation of the yuan and thereby creating opportunities for Hong Kong.
