China and Brazil Agree to $30 Billion Currency Swap

March 28, 2013  •  From

China and Brazil met during the brics summit in South Africa on Tuesday and signed a major currency swap agreement. The People’s Bank of China traded 190 billion yuan for 60 billion Brazilian reals from the Central Bank of Brazil. The trade represents approximately us$30 billion.

Officials say they hope the exchange will ensure normal trade between the two nations despite instability in the global economy.

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