November 22, China Construction Bank Corp. (CCB, 601939.SH, 0939.HK) is in talks to buy a small lender in Brazil as it looks to take advantage of growing trade between the South American nation and China, the UK-based Financial Times reported.

CCB also plans to set up a subsidiary in Brazil to provide services for trade as well as encourage greater use of the renminbi by South American exporters in trade settlement.

Financial commentator Tan Ye said CCB looking at setting up banking operations in Brazil is a sign of the renminbi’s internationalization and the emerging global presence of Chinese companies.