The following is an excerpt. To view the full article please visit the link below.

China and Brazil on Thursday announced that they'll swap as much as $30 billion in their respective currencies, upgrading relations between the two biggest emerging economies to a "comprehensive strategic partnership."

The currency swap, worth 190 billion yuan or 60 billion Brazilian reais, is the first step toward a broader agreement with Russia, India and South Africa to allow members of the so-called BRICS group of emerging markets to pool resources as a bulwark against financial crises outside their borders, according to Brazil's finance minister, Guido Mantega.

"This reinforces our financial reserves at a moment when the global economy is stressed," Mantega...

* * *
Program
The opinions expressed in this article/multimedia are those of the author(s) and do not necessarily reflect the views of CIGI or its Board of Directors.