December 03, 2014
Both countries believe such a move would strengthen trade across Latin America.
Carlos Francisco Teixeira da Silva says the measure is a "step forward" in Latin American monetary independence, and,
If the new mechanism proves to be successful, it can be further expanded to countries such as,
Alex Luis Ferreira, a doctor of economic sciences from the University of Sao Paulo, says,
In November President Vladimir Putin said Russia plans to leave the "dollar dictatorship" of the market and increase the use of the Ruble and the Yuan in trading with China.
Settlements in Yuan between China and Russia have increased 800 percent in annual terms between January and September 2014.
...are not the only ones interested in ditching the US dollar.
The Eurasian Economic Union (EEU) which also includes Belarus and Kazakhstan is planning to create a single market for financial services by 2025 which will simplify switching to dollar-free trading.
Earlier this week the Russian State Duma proposed the creation of a single area for payment in national currencies.
Such measures are expected to minimize
Western influence on the economy of the EEU.