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inauguration of a new bank on shanghai. the new development bank has been set up by the brix group, that s brazil, russia india and china and south africa and president lula said the new financial institution frees developing countries from established ones our business reporter has more on the significance of this trip. on the significance of this tri -. , ., ., , trip. the goal in his own words is to strengthen trip. the goal in his own words is to strengthen the is to strengthen the relationship. and at least when it comes to business ties our already pretty significant. china is brazil s biggest export market, each year buying tens of thousands of billions of dollars of natural resources and agricultural products, including soybeans, iron ore, oil and be for that while brazil according to chinese state media is the biggest recipient in latin america. president lula da silva needs more of it if these two bruised brazil s stagnant economy. that s why the brazilian ....
Agreed to allow businesses to conduct bilateral trade in their own currencies instead of their own currencies instead of the us dollar. lula says it ties deeply with touches right now. tensions have been intensified in beijing is looking to reduce its dependence on its largest trading partner. it’s dependence on its largest trading partner. dependence on its largest trading partner. it s not ust brazil, china i trading partner. it s not ust brazil, china hasi trading partner. it s not ust brazil, china has been h trading partner. it s notjustl brazil, china has been urging other countries to settle trades with the chinese yuan. it seems to be making inroads, effective february it overtook the us dollar to become the most traded currency in russia. earlier i spoke with natwest markets and he told me although segments are increasing it s still incremental. i segments are increasing it s still incremental. segments are increasing it s still incremental. i think from a bilateral st ....