China, Brazil sign memorandum on RMB clearing in Brazil

China's central bank has signed a memorandum of cooperation with the Central Bank of Brazil to establish renminbi (RMB) clearing arrangements in Brazil.

These arrangements will help enterprises and financial institutions in the two countries conduct cross-border transactions using the RMB, according to a statement on the People's Bank of China website on Tuesday.

They will also further facilitate bilateral trade and investment, the bank said.