BEIJING, May 13 (Xinhua) -- The central banks of China and Brazil on Tuesday inked a memorandum of understanding (MOU) on financial strategic cooperation, according to the People's Bank of China (PBOC).
The PBOC said that the signature of the MOU will facilitate cooperation between China and Brazil in areas such as investment environments, financial technical exchange, financial infrastructure, local currencies and payments.
The PBOC also renewed a bilateral currency swap agreement with the central bank of Brazil on the same day, with a total value of 190 billion yuan (about 26.39 billion dollars), or 157 billion reais. The agreement is valid for a period of five years and can be renewed upon mutual consent, it said.
Another MOU was signed by the PBOC and Brazil's ministry of finance to promote cooperation between the two sides in areas such as financial markets, financing, and international financial and monetary policy coordination.
