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Brazil Takes Steps to Transact in Yuan as China Ties Grow

  • BOCOM becomes first Latin American bank to join CIPS system
  • Goal is to boost liquidity, give investors and traders options
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Brazil took steps to make it easier to transact with China in yuan, a sign of its growing trade and investment ties with the world’s second-largest economy. 

Banco BOCOM BBM, which provides banking services in Brazil, became the first Latin American bank to sign up as a direct participant in China’s cross-border payments settlements system. Known by the acronym CIPS, it was created as an alternative to the US-dominated global system.