The yuan (the Chinese currency RMB) has surpassed the euro to become the country's second-largest reserve currency, according to a report released yesterday by the Central Bank of Brazil.
By the end of 2022, 80,42 percent of Brazil's foreign exchange reserves consisted of the US dollar, 5,37 percent of the yuan and 4,74 percent of the euro.
On the other hand, at the beginning of 2023, the People's Bank of China, the central bank of China, and the Central Bank of Brazil signed a cooperation agreement on the establishment of a currency swap mechanism in order to strengthen bilateral trade and investment.