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China, Brazil Sign $30 Billion Swap Accord to Bolster BRICS

China and Brazil agreed to establish a swap line of about $30 billion in their respective currencies as they work to reinforce the clout of the world’s largest emerging markets on a global stage.

China, the world’s second-biggest economy, is promoting the role of the yuan, also known as RMB, in international trading and financing as it moves to reduce its control over the currency and open up its financial markets.