Is Brazil joining the renminbi club?

China and Brazil are taking steps to allow bilateral trade to be settled in renminbi, another sign of closer ties between the two countries following President Lula’s election. But talk of them ditching the US dollar altogether is premature. And while the renminbi looks set to gain some ground in global trade going forward, dethroning the US dollar as the world’s reserve currency remains a pipedream.

In view of the wider interest, we are sending this China Weekly to clients of our Latin America Economics service.

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