JOHANNESBURG, Aug 23 (Reuters) – Brazil has submitted a proposal to Argentina aimed at securing Chinese yuan assures for Brazilian exports to the neighboring country in an initiative involving condition-run lender Banco do Brasil (BBAS3.SA), Finance Minister Fernando Haddad said on Wednesday.
Banco do Brasil under the proposal would oversee the conversion of yuan again into Brazilian reais, centered on presented ensures, Haddad told a press convention in Johannesburg on the sidelines of the BRICS nation summit.
Brazil’s 3rd-biggest buying and selling partner, Argentina is struggling an economic crisis marked by soaring inflation and dwindling central lender reserves. Chinese yuan