23 Mar, 2013
China, Brazil to ink deal on currency swap
BEIJING, March 22 (Xinhua) — Foreign Ministry spokesman Hong Lei said Friday that the People’s Bank of China (PBC) and Brazil’s Central Bank are expected to sign a currency swap accord soon. Hong made the remarks when asked to comment on remarks made on Thursday by Brazilian Trade and Industry Minister Fernando Pimentel.
Pimentel said Brazil hopes to sign a bilateral accord with China at next week’s BRICS summit to promote trade in their national currencies. The two banks have reached an agreement on the bilateral currency swap accord, which is worth about 190 billion yuan (60 billion Brazilian reals), according to Hong.
He said the establishment of a China-Brazil currency swap mechanism will enhance bilateral financial cooperation, facilitate trade and safeguard financial stability. The fifth summit for the leaders of BRICS (Brazil, Russia, India, China and South Africa) countries is scheduled for March 26 and 27 in Durban, South Africa.
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