{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Brazil and China sign a $30 billion currency swap agreement' data-url='/boclips/videos/5c54ba6dd8eafeecae11d6d5' data-video-url='/boclips/videos/5c54ba6dd8eafeecae11d6d5' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBrazil and China sign a $30 billion currency swap agreement\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of officials from Brazil and China in a meeting room2. Various of Chinese Finance Minister Lou Jiwei and Brazilian Finance Minister Guido Mantega signing the memorandum 3. Lou and Mantega exchanging copies of document and shaking...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of officials from Brazil and China in a meeting room\u003cbr/\u003e2. Various of Chinese Finance Minister Lou Jiwei and Brazilian Finance Minister Guido Mantega signing the memorandum \u003cbr/\u003e3. Lou and Mantega exchanging copies of document and shaking hands\u003cbr/\u003e4. Media\u003cbr/\u003e5. Chinese and Brazilian officials posing for a group photo, shaking hands\u003cbr/\u003e6. Wide of delegates\u003cbr/\u003e7. Mid of Mantega and Alexandre Tombini, Governor of the Brazilian Central Bank\u003cbr/\u003e8. SOUNDBITE (Portuguese) Guido Mantega, Brazilian Finance Minster:\u003cbr/\u003e\"Our memorandum is a kind of umbrella agreement in the context of a closer relationship with China on the finance, economic, commercial and border areas.\"\u003cbr/\u003e9. Close of press release\u003cbr/\u003e10. Mid of Mantega and Tombini\u003cbr/\u003e11. SOUNDBITE (English) Alexandre Tombini, Governor of the Brazilian Central Bank:\u003cbr/\u003e\"The swap agreement signed today between the Brazilian Central Bank and the People's Bank of China, it's an important step towards greater financial and trade relations between the two countries. The idea of the swap which is to the order of 60 billion Real on the one hand and 190 billion Yuan on the other is to provide a backstop line for financing of the bilateral trade, even under the more difficult conditions as far as the global financial markets are concerned. So independently of global financial conditions with this agreement, with this swap agreement between two central banks, we had the necessary financing to keep our bilateral trade relations as they are today.\"\u003cbr/\u003e12. Wide of delegates\u003cbr/\u003eChina and Brazil signed an agreement on 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.\u003cbr/\u003eFinance ministers Lou Jiwei of China and Guido Mantega of Brazil signed the agreement ahead of the official opening of a summit bringing together the leaders of Brazil, Russia, India, China and South Africa.  \u003cbr/\u003eIt 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.\u003cbr/\u003eThe 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 US dollar and the euro. South Africa joined the forum two years ago.\u003cbr/\u003eAs the euro crisis continues and the West shows little signs of growth, the World Bank says that global economic growth is increasingly dependent on the BRICS countries, which account for 27 percent of global purchasing power and 45 percent of the world's workforce.\u003cbr/\u003eBrazil's Mantega said Tuesday's agreement involves using local currencies for up to 30 billion US dollars of his country's trade with China, nearly half its annual 75 billion US dollar trade with Beijing.\u003cbr/\u003e\"Our memorandum is a kind of umbrella agreement in the context of a closer relationship with China on the finance, economic, commercial and border areas,\" Mantega said.\u003cbr/\u003eSeveral other agreements are expected to be signed during the two-day summit in South Africa's coastal resort city of Durban. 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