The Western Trade and Investment Promotion Agency (ApexBrasil) said in a statement:
BBM Bank, which is controlled by China Bank of Communications, has announced that it has joined CIPS (China Interbank Payment System), the Chinese alternative to Swift. It is expected that the cost of commercial transactions will be reduced by the direct conversion between the Brazilian Real and the Chinese Yuan (6.8745, 0.0035, 0.05%). The bank will be the first direct participant in the system in South America.
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