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
president lula da silva is paying a visit. president xijinping president lula da silva is paying a visit. president xi jinping told president lula da silva is paying a visit. president xijinping told his brazilian counterpart that chinese development would create new opportunities for brazil. the also an opportunity for beijing to reinforce ties with one of the world s emerging economic powers, a member of the group of economies which also includes russia, india and south africa. he said he viewed relations with brazil as a diplomatic high priority. the countries agreed a deal to ditch the dollar and trade between them in their own currencies. joining me now is the chief economist, who joins me now. big on promises after this meeting about what these deeper ties will mean for brazil but i wonder what was your to how much detail there was about the opportunities which could present themselves to brasilia. ., ., , brasilia. there were areas where there was detail, brasilia. t
US auto safety regulatory body said on Friday it opened a probe to determine whether Tesla s decision to recall two million cars last December over autopilot safety concerns was adequate. Electric car maker Tesla had recalled more than two million vehicles across all models in the United States last December due to a risk linked to its autopilot software.