Experts discussed ways to strengthen global financial governance during the session on economic and financial cooperation at a seminar recently held in São Paulo, Brazil.

Hsia Hua Sheng, an expert in international finance of the Getúlio Vargas Foundation, explained that countries such as China and Brazil are building practical paths toward de-dollarisation through mechanisms for settlement and lending in local currencies.

Chen Huaibiao, head of the Representative Office of the Agricultural Bank of China in São Paulo, emphasised that local currency settlement initiatives between Chinese and Brazilian companies in the sectors of electric power, agriculture, and equipment manufacturing have made steady progress, adding that the Agricultural Bank of China will continue to expand support for RMB financing to Brazilian local enterprises.

Maurício Xavier, a representative of the New Development Bank (NDB), highlighted that the institution has been increasing the proportion of loans in local currencies for infrastructure projects in BRICS countries.

(Source: XINHUA Português, on July 30)