Eldorado Brasil Celulose carried out its first export to China using the Chinese currency renminbi as a form of payment. According to the company, the operation, conducted on August 25th, shipped 43 containers to the Asian country.
According to Fernando Storchi, CFO of Eldorado, the export was a test and received support from the Bank of China. According to the executive, the company’s goal is to gain access to new credit lines in the Chinese market.
Currently, China hosts Eldorado’s largest overseas office and is responsible for 40% of the company’s cellulose sales.
Furthermore, Eldorado’s initiative aligns with the trend of BRICS countries, which aim to reduce their reliance on the dollar in their operations and seek to use their national currencies for export payments.
