Bank of China (BOC), the world's third largest bank by market value, will open its first branch in Brazil in two or three months, Thursday's China Daily reported.
The move is seen as an instant response to the two countries' plan of using their own currencies in trade transactions, the bank said in a written interview.
Chinese and Brazilian governments had been discussing the possibility of replacing the dollar with the yuan and the real as trade settlement currencies since the G20 summit in London last month.
"Once the two countries' central banks reach an agreement, BOC is definitely willing to conduct trade settlement business under the agreed guidelines," it said.
BOC set up its first representative office in Brazil in the late 1990s. The bank had obtained approval from the China Banking Regulatory Commission and the Central Bank of Brazil for setting a Brazilian branch in 2007 and 2008, respectively.
According to BOC, preparations for the establishment had already been finished and it is waiting for the final assessment by the country's central bank, which is required by the banking regulations of Brazil.
"China has surpassed the US to become the world's biggest market for products from Brazil. BOC is dedicated to provide all kinds of financial services to Chinese companies in Brazil as well as Brazilian firms who want to do business in China," said the bank.
By the end of 2008, BOC had set up some 800 branches in 29 countries and regions.
Source: Xinhua
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