News Summary: China, Brazil sign currency deal

News Summary: China, Brazil sign agreement to trade in local currency instead of dollar, euro

Associated Press

A YEN FOR YUAN: China and Brazil agreed at a summit of BRICS countries to trade more in their local currencies, working to lessen their dependence on the U.S. dollar and euro.

STRENGTHENING TIES: Several other agreements are expected to be signed during the summit including in defense, education, energy, science and technology, agriculture and transport. In addition to China and Brazil, the group includes Russia, India and South Africa.

EMERGING FORCE: As the euro crisis continues and the West shows little signs of growth, the World Bank says that global economic growth is increasingly dependent on the BRICS countries, which account for 27 percent of global purchasing power and 45 percent of the world's workforce.

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