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autotldr t1_je8iybj wrote

This is the best tl;dr I could make, original reduced by 70%. (I'm a bot)

> Brazil and China have reportedly struck a deal to ditch the U.S. dollar in favor of their own currencies in trade transactions.

> The deal, announced Wednesday, will enable China and Brazil to carry out trade and financial transactions directly, exchanging yuan for reais - or vice versa - rather than first converting their currencies to the U.S. dollar.

> The Brazilian Trade and Investment Promotion Agency said the new arrangement is expected to "Reduce costs" and "Promote even greater bilateral trade and facilitate investment."

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