China and Brazil have signed a currency swap deal, designed to safeguard against future global financial crises. The pact will allow their central banks to swap local currencies worth up to $30 billion. China has been pushing for its currency, the yuan, to become an alternative to the U.S. dollar as a global reserve currency. China has reached similar currency swap deals with Australia and Argentina and is reportedly seeking agreements with the U.K., Hong Kong and Japan.
Comments
Post a Comment