China and Brazil have reportedly reached a deal to trade in their own currencies, ditching the US dollar as an intermediary,the deal will enable China and Brazil to conduct their massive trade and financial transactions directly, exchanging renminbi for reais and vice versa instead of going through the dollar. The arrangements will boost the usage of renminbi for cross-border transactions between enterprises and financial institutions in the two countries and further facilitate bilateral trade and investment. Is this the “end” of dollar dominance ?

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