China

China and Brazil Agree to Currency Swap Deal

Hope it will help protect their economies from future financial crises

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China and Brazil have signed a currency swap deal, designed to safeguard against future global financial crises.

The pact, first announced last year, will allow their central banks to swap local currencies worth up to 190bn yuan or 60bn reais ($30bn; £20bn).

Officials said this will ensure smooth bilateral trade, regardless of global financial conditions.

Along with being the world's second-largest economy, China is also Brazil's biggest trading partner.

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