Brazilian pulp company ELDORADO exports to China are settled in RMB for the first time

According to Brazilian media reports, Brazilian pulp company ELDORADO exports pulp to China are settled in RMB as a trade settlement currency for the first time. The company's first export containers to China were shipped to China on August 25.

Fernando, ELDORADO's chief financial officer, said the RMB settlement was a new experiment for the company. Founded in 2010, Eldorado is one of the most competitive enterprises in Brazil's pulp industry, selling 40 percent of its pulp to China.

Recently, BRICS members have made a big push to settle cross-border trade in local currencies and reduce reliance on the US dollar.