China, Brazil Sign Local Currency Trade Deal

{{China and Brazil plan to sign a deal to do up to $30 billion 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.}}

The agreement is to be signed Tuesday ahead of the official opening of a summit bringing together the leaders of Brazil, Russia, India, China and South Africa, and more than a dozen other African leaders.

Brazil’s foreign trade minister Fernando Pimentel says the agreement would involve nearly half his country’s $75 billion annual trade with China.

The World Bank says that global economic growth increasingly depends on the BRICS countries which account for 27% of global purchasing power and include 45% of the world’s workforce.

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