Chart: U.S. Dollar Index
Headline: China, Brazil sign trade, currency deal before BRICS summit
(Reuters) - BRICS members China and Brazil agreed on Tuesday a swap line allowing them to trade the equivalent of up to $30 billion per year in their own currencies, moving to take almost half of their trade exchanges out of the U.S. dollar zone.
The agreement, due to last three years and signed hours before the start of a BRICS summit in Durban, South Africa, marked a step by the two largest economies of the emerging powers group to make real changes to global trade flows long dominated by the United States and Europe.
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