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BRICS members China, Brazil sign deal to trade in own currencies

Source : REUTERS
Last Updated: Tue, Mar 26, 2013 11:27 hrs
BRIC currencies set to snap losing streak

BRICS members China and Brazil agreed on Tuesday to use their own currencies in bilateral trade in a deal that will cover the equivalent of up to $30 billion in trade exchanges per year, for three years.

The accord was signed by the Chinese and Brazilian central bank governors and finance ministers in Durban, hours before the start of a summit in South Africa of the BRICS group of emerging powers.

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