Brazil, China to ink deal on trade in national currency

Daily Mirror/AFP, 03/25/2013

Brazil hopes to sign a bilateral accord with China to promote trade in their national currencies at next week’s BRICS summit of the world’s five emerging powers, Trade and Industry Minister Fernando Pimentel said.

The initiative was tentatively agreed last June with the signing of a memorandum of understanding after a meeting of Brazilian President Dilma Rousseff and then Chinese prime minister Wen Jiabao during the UN summit on sustainable development in Rio.

Pimentel said that at the BRICS summit in Durban, South Africa on Monday and Tuesday “we plan to turn this memorandum into a final agreement which is being finalized by central banks of the two countries.”

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