The Cotton Growers Association stated that the cotton trade between China and Brazil may soon be conducted in yuan, as reported by the Global Times.
The association predicted that Brazilian cotton exports to China will surpass those of the US in the coming years. According to customs authorities, China imported 382,000 tonnes of cotton in the first four months, with US cotton accounting for 52.22 percent and Brazilian imports at 31.53 percent.
In a separate development, Russian President Vladimir Putin revealed at the St. Petersburg International Economic Forum that over 80 percent of trade settlement between Russia and China is carried out in Rubles and Yuan . The bilateral trade volume between the two countries exceeded $190 billion in 2022.
