RIO DE JANEIRO, April 4. /TASS/. The transition of Brazil and China to the use of national currencies in their bilateral trade will have serious implications for the Latin American region, Pedro Costa Junior from the University of Sao Paulo told TASS.
"This is not the first experience for China. It is already trading in the yuan with 25 countries; with Argentina in [the Latin American] region. Nevertheless, Brazil is a different level indeed because it is the main economy of the region. As [ex-US President Harry] Truman said, wherever Brazil goes, the entire region will follow it," the expert said.
Brazil accounts for about a half of the territory and the population of the continent and more than a half of the regional GDP, Costa Junior said. Other countries of Latin America will follow Brazil shortly after the start of such trade in national currencies with China, he added.
On March 29, central banks of Brazil and China agreed to create an offshore clearing center. China is the top trading partner of Brazil since 2009.