The region is planning to launch a new settlement mechanism for non-dollar-denominated trade The two biggest South American economies, Brazil and Argentina, have recently unveiled plans to create a common currency, sparking speculation about a new global monetary union. RT looks at what the real plan is all about. What’s known about the potential Latin American currency?The new currency will reportedly be called ‘sur,’ which translates from Spanish as ‘south.’ It won’t replace the Brazilian real and Argentine peso, but will rather run beside them. It is not clear yet how the new currency would be valued, but the
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