The central banks of China and Brazil on Tuesday renewed a bilateral currency swap agreement with a total value of 190 billion yuan (about 26.39 billion U.S. dollars), or 157 billion reais.
The agreement is valid for a period of five years and can be renewed upon mutual consent, according to the agreement released by the People's Bank of China (PBOC), China's central bank.
The move will help expand the use of currencies of the two countries, facilitate bilateral trade and investment, and help stabilize the financial markets.
The bilateral currency swap is a financing arrangement in which a country's central bank exchanges its own currency for another country's currency to obtain liquidity in the counterparty's currency. At maturity, the parties exchange back the principal amounts. It is generally used to maintain financial market stability.
By the end of the first quarter of 2025, PBOC had signed bilateral currency swap agreements with the central banks or monetary authorities of 42 countries and regions.
Currently, 32 such agreements remain in effect, covering major economies in key regions across six continents. The total scale of these swap agreements amounts to 4.3 trillion yuan (about 596.70 billion U.S. dollars).
China, Brazil renew currency swap agreement
Chinese Vice Premier Zhang Guoqing said Tuesday that China is willing to collaborate with all parties to ensure nuclear energy better supports the development and prosperity of all nations.
Zhang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks during the second Nuclear Energy Summit in Paris which he attended as Chinese President Xi Jinping's special representative.
Zhang said China has always adhered to a sensible, coordinated, and balanced nuclear security strategy proposed by President Xi and has made concrete contributions to promoting the global development of nuclear energy.
China is willing to work with all parties to jointly implement the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative and the Global Governance Initiative, and promote nuclear energy innovation-driven development, safety foundation building, industrial collaboration and win-win cooperation, so that nuclear energy can better benefit the development and prosperity of all countries, he said.
Zhang noted that China stands ready to join hands with all parties to make new contributions in building a clean, beautiful and sustainable world and a community with a shared future for humanity.
Heads of state, government leaders and senior representatives from over 30 countries, as well as heads of relevant international organizations, attended the summit and issued a joint statement titled "Safe and affordable nuclear energy for all."
Chinese vice premier calls for global nuclear cooperation
