💵 A bet against the dollar?

Brazil is preparing to borrow in Chinese yuan for the first time, in what would be a modest financial step with significant geopolitical meaning. According to Reuters, the government plans to announce its debut sovereign issuance in China's domestic market this month, timed to a delegation visit to Shanghai and Beijing from June 24 to 26, led by Finance Minister Dario Durigan.

An issuance of so-called “panda bonds” — yuan-denominated debt sold by foreign entities in mainland China's onshore market — has been in the works for some time; we told you about it a year ago, almost to the day. But the timing is no coincidence, coming as…

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