Latest news with #BrazilChinaRelations
Bloomberg
14-05-2025
- Politics
- Bloomberg
Lula Says Brazil Unafraid of Retaliation From US Over China Ties
Brazil's President Luiz Inacio Lula da Silva brushed off concern that the Trump administration would punish his country for building closer ties with China, after a state visit to Beijing that saw him sign more than 30 agreements. Speaking to reporters on Wednesday, Lula said Brazil isn't afraid of any retaliation, adding he's always wanted to improve relations with China as well as other countries and blocs. There is no concern on Brazil's side with the US posture, he said in Beijing.
CNA
13-05-2025
- Business
- CNA
China, Brazil pledge to defend free trade as presidents meet in Beijing
BEIJING/BRASILIA: China and Brazil pledged on Tuesday (May 13) to defend free trade and multilateralism as the two countries signed 20 agreements in Beijing to strengthen their ties amid global trade uncertainties. The two countries should firmly oppose unilateralism, protectionism and "acts of bullying", Chinese President Xi Jinping told Brazilian President Luiz Inacio Lula da Silva, Chinese state broadcaster CCTV reported. Lula said the two countries' relations had "never been more necessary", according to footage shown on Brazilian state television. The presidents witnessed the signing of the agreements, including highly-anticipated deals for more Brazilian agricultural exports to China. Lula is in Beijing for a four-day official state visit and to attend a high-profile forum in Beijing along with other Latin American and Caribbean officials, including Chile's President Gabriel Boric and Colombia's Gustavo Petro. Tuesday's meeting was Lula's third with Xi since taking office in 2023, underscoring Brazil's warming relations with China, its largest trading partner. At a business forum attended by Lula in Beijing on Monday, Brazil's trade and investment promotion agency said it helped attract around 27 billion reais (US$4.8 billion) of Chinese investment to Brazil.
Reuters
12-05-2025
- Business
- Reuters
Brazil central bank to sign currency swap deal with China's PBOC
BRASILIA, May 12 (Reuters) - Brazil's central bank said Monday it will sign a currency swap agreement with the People's Bank of China, with a maximum outstanding value of 157 billion reais ($27.69 billion) and a five-year term. The agreement, to be signed on Tuesday in Beijing during Brazilian central bank governor Gabriel Galipolo's visit to China, aims to provide liquidity to support financial markets in times of stress, the bank said. The announcement marks another step in strengthening ties between Latin America's largest economy and China, amid heightened global volatility triggered by sweeping trade tariffs imposed U.S. President Donald Trump. It follows Monday's announcement of more than $4.5 billion in planned Chinese investments in Brazilian sectors ranging from auto manufacturing and renewable energy to pharmaceuticals and semiconductors, as leftist President Luiz Inacio Lula da Silva visits the country. Washington and Beijing reached a deal to temporarily ease tariffs, but even before tensions escalated between the two, Lula had long emphasized China's global importance, saying on Monday that "if it's up to my government, our relationship with China will be indestructible." Brazil's central bank noted it already has a similar currency swap arrangement with the U.S. Federal Reserve, made permanent in 2021, which allows the Brazilian monetary authority to access U.S. dollars through repurchase operations backed by U.S. Treasury securities. The bank added it is also in talks with other counterparts to establish similar agreements, which it said have become common since the 2008 global financial crisis. China is Brazil's largest trading partner, while the U.S. remains Brazil's biggest source of foreign investment. ($1 = 5.6699 reais)
