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surged 10% last year to $150 billlion. they have moved to reduce reliance on the us dollar by setting up payment clearing in the chinese currency, the yuan. former brazilian president dilma rousseff is to be sworn in today as head of the new development bank a rival to the world bank and imf set by by the so called brics countries of brazil, russia, india, china and south africa. let s speak now to william jackson, who is emerging market economist at capital economics. xi has been signalling the post covid reopening of china by hosting a series of world leaders. what can we read into the fact that brazil s leader has been among the first? you are absolutely right. as china moves into its postcode environment it seems to be wanting to spread its international wings. we have seen talks between saudi arabia and iran recently, and now we have cordial words with president lula, hayes and china at the moment. there is a big political angle to this, to find a way to cement relatio

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