Brazil and China will bypass the US dollar in their bilateral export deals if a new currency arrangement comes through, according to their respective central banks. China's Central Bank Governor Zhou Xiaochuan and Brazil's Central Bank President Henrique Meirelles addressed the deal when they met at the Bank for International Settlement's annual general meeting in Switzerland. "What we are discussing is that Brazil's president Mr Lula and our president Mr Hu talk about the possibility and gradual development to use our local currency for some trade settlement and investment," said Zhou. Talks of an arrangement follow the bilateral currency deal between China and Russia announced earlier this month. China has recently renewed calls for a new super-sovereign reserve currency to reduce the US dollar's effect on the world economy.