Brazilian pulp companies settle their exports to China in RMB for the first time
On September 4th local time, according to Brazilian media reports, Brazilian pulp company El Dorado used the Chinese yuan as the trade settlement currency for the first time when exporting pulp to China. The first batch of export containers from the company to China were loaded onto the ship and set sail for China on August 25th.
Fernandos, Chief Financial Officer of El Dorado, stated that using RMB for settlement this time is a new attempt for the company. El Dorado Company was founded in 2010 and is one of the most competitive enterprises in the Brazilian pulp industry. 40% of the pulp produced by the company is sold to China.
Recently, members of the BRICS organization have vigorously promoted the use of local currency settlement in cross-border trade, reducing dependence on the US dollar.