Business

China Challenges Greenbacks Role As International Currency

BEIJING -- People's Bank of China (PBOC) is taking more moves to challenge the greenback's role as the international currency and to promote RMB's real international trade. China and Brazil are working on a currency arrangement to allow exporters and importers to settle deals in their local currencies, bypassing the U.S. dollar, the countries' central banks said last Sunday. China's Central Bank Governor Zhou Xiaochuan and Brazil's Central Bank President Henrique Meirelles discussed the bilateral deal in a meeting at the Bank for International Settlement (BIS) on Saturday.
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Posted by Editor at July 3, 2009 07:04 AM