China and Brazil signed an agreement Tuesday to do billions of dollars of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the U.S. dollar and euro.
Finance ministers Lou Jiwei of China and Guido Mantega of Brazil signed the agreement ahead of the official opening of a summit of the leaders of Brazil, Russia, India, China and South Africa. It is Chinese President Xi Jinping’s first official trip to Africa, and the first BRICS summit since Vladimir Putin was returned to the Kremlin as president of Russia.
The first four countries established the forum in 2009, amid the economic meltdown in the West, saying they were uniting to work toward a more equitable world economic order and one that makes them less dependent on the volatility of the U.S. dollar and the euro. South Africa joined the forum two years ago.
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Michelle Faul, Associated Press via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/E-ElPTIdoBU/
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