Brazil: Olympics boost sale of Chinese currency in Brazil

17 April 2008

São Paulo, Brazil, 17 April – The upcoming 2008 Beijing Olympic Games have boosted yuan demand in Brazil, a Banco Rendimento marketing analyst who specializes in foreign remittances told Macauhub Thursday.

“The Chinese economy’s rapid development has increased yuan demand in the last few years but the Olympics have boosted sales of the Chinese currency even more,” said Renato Douek.

Banco Rendimento bought yuans at the beginning of the year to supply the local market, Douek said. He did not reveal remittance figures and avoided any estimate of sales growth.

“People can buy Chinese money in other countries if they make a stopover before arriving in China, although it is much more practical to leave Brazil taking the local currency beforehand,” he explained.

Banco Rendimento sells yuans via its exchange operators Action and Cotação, which count 42 establishments in shopping and business centers, hotels and major circulation points in 11 Brazilian states, including Brasilia and cities such as São Paulo and Rio de Janeiro.

The operations director of Cotação, Nelson Gasparian, said that “the imported volumes are compatible with demand, and new imports are frequently done to meet the needs of each monetary unit”.

In Brazil 1 yuan costs 0.25 reals and 1 dollar is commercialized for approximately 7 yuans.

Banco Rendimento was founded in 1992 and has been active in the floating exchange and tourism market for about seven years.

In 2003 it acquired the operator Cotação, Brazil’s biggest exchange distributor, with more than 200,000 clients. (macauhub)