Can anyone explain this to me?

I wrote last night about the FT story on China and Brazil talking about “abandoning” the dollar when trading among themselves…Why is this news? The CNY is essentially pegged to the dollar. Whether or not Brazil takes USD or CNY, it is essentially the same thing, unless China floats the currency.

If and when China floats, that’s a big deal. Until then, it really doesn’t matter, operationally. If China turns BRL into USD and Brazil turns CNY into USD before repatriating, all they are doing is cutting one step out of the process. Anyone have any thoughts?