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Brazil and China in R$60B Currency Swap

By Lucy Jordan, Contributing Reporter

BRASÍLIA, BRAZIL - Wary of dependence on the dollar, Brazil and China on Thursday agreed to a R$60 billion currency swap, shoring up their economies and increasing liquidity in the wake of continued instability in Europe and the United States.

“It is a measure that reinforces the economies of both countries,” Brazil’s Minister of Finance Guido Mantega said in a statement. “It is as if we had a reserve of additional resources for times when the international economy is stressed.”

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