If the welcoming committee’s anything to go by, this could be an explosive summit.
A 21-gun salute greeted Chinese President Xi Jinping as the BRICS leaders arrived Durban.
Pomp and ceremony aside, this event is more about substance, than style.
The first deals were struck even before the summit was officially opened – China and Brazil agreeing a currency swap worth 30 billion dollars per year for three years.
Changing global trade flows has long been on the BRICS agenda – but this is the first in terms of action.
The deal will mean almost half of the countries’ trade exchanges will be taken out of the dollar zone.
Brazilian Central Bank governor Alexandre Tombini.
(SOUNDBITE) (English) BRAZILIAN CENTRAL BANK GOVERNOR ALEXANDRE TOMBINI SAYING:
“The idea of the swap…is to provide a back-stop line for financing of the bilateral trade even under more difficult conditions as far as the global financial markets are concerned.”
The big
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