Chinese, Brazilian central banks promote cooperation on local currency business

The central banks of China and Brazil discussed measures to support companies in both countries opening local-currency accounts during the China-Brazil Financial Strategic Cooperation Working Group Meeting in Beijing on Tuesday, according to the People's Bank of China (PBOC).

The central banks also explored expanding the use of their bilateral currency swap and studied the the listing of direct trading between the Chinese yuan and the Brazilian real.

The Chinese side welcomes the Brazilian government's issuance of sovereign panda bonds in China and expressed hope that more high-quality Brazilian companies would issue bonds in the Chinese market, while also supporting a pilot of China-Brazil Bond Connect scheme and encouraging the China-Brazil fund to actively explore investment opportunities in Brazil, said the PBOC.

Chinese, Brazilian central banks promote cooperation on local currency business

Chinese, Brazilian central banks promote cooperation on local currency business

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 28 pips to 6.7911 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 6.7911 against USD Monday