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- Brazil's finance minister proposed the use of yuan guarantees for its trade with Argentina.
- This would help bring security to Brazilian companies as Argentina faces a dollar shortage.
- "It will be a good thing for Brazilian exporters, and it will be great news if Argentina agrees,"
Brazil proposed using Chinese yuan guarantees for exports headed to Argentina, in an effort to reduce trade risks associated with its South American neighbor.
Speaking during the BRICS summit, Finance Minister Fernando Haddad told reporters that the guarantees would be supervised by state-lender Banco do Brazil, which would see the yuan converted back into Brazilian reals to pay exporters.