Brazil and China are deepening studies to conduct trade in local currencies, Finance Minister Fernando Haddad told journalists in Beijing, noting that the topic had long been on the agenda of the BRICS group of major emerging nations.

When asked about the recent strength of the Brazilian real, Haddad said he had long thought the currency was “very undervalued” and, if Congress cooperates with his fiscal agenda, the currency should return to a more reasonable level.

China’s Xi call for deeper practical cooperation with Brazil