China and Brazil in currency deal

21 June 2012 Last updated at 23:16 ET

Yuan notesBeijing has been trying to push the yuan as an alternative global reserve currency

China and Brazil have agreed a currency swap deal in a bid to safeguard against any global financial crisis and strengthen their trade ties.

It will allow their respective central banks to exchange local currencies worth up to 60bn reais or 190bn yuan ($ 30bn; £19bn).

The amount can be used to shore up reserves in times of crisis, or towards boosting bilateral trade.

China is Brazil's biggest trading partner.

"As international credit remains scarce, we will have enough credit for our transactions," Brazil's Finance Minister, Guido Mantega, said.

Read More @ Source



Comments

Post a Comment

Popular posts from this blog

Top 10 nude models in China

Image
Nudity in art and nude modeling were introduced into China almost one century ago. When famed Chinese painter Liu Haisu became the first to initiate a figure drawing course at a Shanghai art school in 1917, he immediately triggered public uproar and widespread controversy in regards to nude modeling. Since then, China has become much more open to nude modeling, especially when we think back on the 1928 slashing of a nude model by her father for posing for internationally renowned Chinese photographer Lang Jingshan who took the country's first artistic nude shot . However, even though the Chinese have gotten more at ease with the idea of modeling in the nude since 1928, it still remains quite the controversial career path to take in China. Every time some nude picture appears, the public nudity debate gets stirred up again and sometimes violence may even ensue. Some think that it's shameful and the models just get naked for the so-called sake of art to make easy-money and ...
Keep reading

More photos from 1980s China

Image
You might also like： Top 10 Chinese brand in 1980s Flashbacks of 1980s Musicians in China Shanghai's good old days Black and white photographs: China in the 1980s. China's urban gardens 无觅 ...
Keep reading

Artist Cao Weihong

Image
BIOGRAPHICAL INFORMATION 1971 Born in Baoding, Hebei Province 1991 Graduated from Art Department of Hebei Science and Industry University Selected Exhibitions 2008 Cao Weihong – Solo Exhibition, Art Scene Classic, Shanghai 2007 Cao Weihong – Solo Exhibition, Art Scene China, Shanghai 2006 Cao Weihong – Solo Exhibition, Art Scene China, Shanghai Chinese Artists Group Exhibition, Art Scene China, Shanghai 2005 Chinese Artists Group Exhibition, Art Scene China, Shanghai Female Artists' Exhibition, Hebei Province 2004 Cao Weihong – Solo Exhibition, Art Scene China, Shanghai Contemporary Chinese Art Group Exhibition, Kunst Bunker, Munich, Germany Group Exhibition, Art Scene at the Westin, Shanghai 2003 Feminine Mystique – Solo Exhibition, Art Scene China, Shanghai 2002 Three Brothers and Sisters – Art Exhibition, Art Academy of Hebei Normal University, Hebei Province Exhibition of Hebei Artists' Paintings from Life, Gold Prize, H...
Keep reading