Internacionalização do RENMINBI: a percepção das empresas brasileiras em relação ao processo de internacionalização da moeda da China

Abstract

China is the second largest economy in the world and Brazil's largest trading partner since 2009. In the past ten years (since the 2008 financial crisis), there has been a deliberate intention on the part of Chinese government to internationalize its currency through a slow and gradual opening of its economy. However, several measures are still required to reach the same position obtained by its potential rival, the US dollar. This study was carried out with the aim of understanding Brazilian companies’ perception in relation to the internationalization process of Chinese currency and its use in transactions between the two countries. To achieve this aim, a qualitative research, of an exploratory nature, was carried out, selecting nine representative companies of the commercial relationship between Brazil and China, through a theoretical sampling. The data collection was performed through interviews based on a semi-structured script based on reviewed literature. This research suggest that China is a great strategic partner for Brazilian companies and the adoption of Chinese currency by Brazilian companies can bring economic benefits such as increased trade and reduced transaction costs. In this study, some barriers that converge with the literature review were also identified, such as issues of liquidity, confidence and independence of Chinese monetary authority. Other barriers relating to cultural differences were also identified. The companies interviewed support initiatives relating to political and regulatory factors such as the signing of financial cooperation agreements with China and the adoption of Chinese currency by the Central Bank of Brazil in its international reserves. They also consider Brazil's adhesion to the “Silk Road” project to be important, allowing Brazilian companies to participate in business generated by the project and access to long-term credit lines for the acquisition of Chinese equipment. In conclusion, this study presents suggestions for initiatives and actions aimed at political authorities in order to stimulate financial cooperation agreements with China by reducing the barriers to the use of Chinese currency by Brazilian companies in order to increase trade and business volume between the two countries.