Cotton trade between China and Brazil is likely to be settled in yuan in the near future, Global Times newspaper reported, citing Marcelo Duarte Monteiro, director of International Relations at the Brazilian Cotton Growers Association.

The export volume of Brazilian cotton to China is expected to overtake that of the US in the next few years, he added.

In the first four months, China imported 382,000 tonnes of cotton, according to data released by customs authorities. Of this, the share of US cotton was 52.22 percent, while Brazilian imports accounted for 31.53 percent, the newspaper said.

Separately, over 80 percent of trade settlement between Russia and China is conducted in rubles and yuan, Russian President Vladimir Putin said at the St. Petersburg International Economic Forum last week. In 2022, the bilateral trade volume between China and Russia stood at over $190 billion.

(Writing by P Deol; Editing by Anoop Menon)