BRICS Accelerates Yuan Adoption in Agricultural Trade with 43% of Brazil’s Peanut Exports Settled in CNY
Brazil's peanut exports to BRICS nations are increasingly denominated in Chinese yuan, marking a strategic shift away from the US dollar in commodity trade. The South American nation shipped 180,000 tonnes of peanuts in 2025, with 43% of transactions settled in CNY - including 22% to Russia and 21% to China. Only traditional dollar-dependent markets like Algeria and the Netherlands maintained USD payments for the commodity.
The MOVE follows BRICS' concerted push for local currency settlement, building on earlier successes with soybean trades. Brazil's 700,000-tonne peanut production underscores its dominance as supplier of 86% of BRICS-member consumption. The Netherlands serves as a yuan-avoidant conduit to Europe, receiving 7% of exports for regional redistribution.
