On September 17, Tatiana Rosito, the Secretary of International Affairs of the Brazilian Ministry of Finance and a diplomat, stated that Brazil and China are working towards expanding the use of their local currencies in bilateral trade, covering areas such as trade, foreign exchange reserves, and financial investments. This initiative aims to reduce cross-border transaction costs and exchange rate fluctuation risks.

Rosito hosted a delegation from China, including the Vice Minister of the Chinese Ministry of Finance, Liao Min. During the meeting of the China-Brazil Economic and Financial Working Group, she presented the "substantial outcomes" of the meeting, which included the approval of $2.8 billion for environmental protection projects from the China-Brazil Cooperation Fund this year and announced that the fund would be relaunched in 2024.

The meeting took place at the headquarters of the Brazilian Export and Investment Promotion Agency, Apex. Rosito emphasized the progress in financial market integration, particularly the introduction of Chinese funds trading on the Brazilian stock exchange as Exchange-Traded Funds (ETFs). She noted that with the future listing of Brazilian ETFs in China, financial cooperation between China and Brazil will further deepen.

Rosito also mentioned that banks from both China and Brazil are seeking projects and financial mechanisms to expand long-term financing. Additionally, the use of both countries' local currencies in bilateral economic and trade exchanges is an important part of their cooperation agenda.

She stressed, "We are committed to expanding the use of local currencies, not only limited to trade but also including foreign exchange reserves and investment portfolios, which will help reduce cross-border transaction costs and mitigate exchange rate risks."

The Chinese delegation included officials from the Ministry of Foreign Affairs, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the China Development Bank, and the Export-Import Bank of China. The Brazilian delegation, led by Rosito, included representatives from the Brazilian Ministry of Foreign Affairs, the Ministry of Agriculture, the Presidency, the Institute of Applied Economic Research (Ipea), the Superintendence of Private Insurance (Susep), the Securities Commission (CVM), and the Brazilian Development Bank (BNDES).