Brazil–China relations Brazil, with financing oil exploration to repairing railways.The repair of railways and infrastructure came ahead of the Rio Olympics in 2016. There is also a trade phase from raw materials to heavy equipment and industrial goods. The two countries have also signed a currency agreement that will include up to $30 billion dollars worth of Chinese Yuan and Brazilian real. This deal was signed to provide an alternative currency to the US Dollar with respect to the Chinese Yuan. China is considered Brazil's largest trading partners. Brazil and China are members of an economic organization called BRICS, also consisting of
Currency War of 2009–11 a source of contention, concerns over currency war had receded, along with signs that major currencies such as the Renminbi were now much less undervalued than they had been a year previously. Brazil currency had fallen substantially from its peak value against the dollar, allowing Mantega to begin rolling back anti-appreciation measures. In July, the IMF downgraded its assessment of the degree to which the Renminbi is undervalued from "substantially" to "moderately". However, Chinese officials were not pleased, suggesting that their exchange rate is no longer undervalued at all. Whereas in the US, presidential candidate Mitt Romney retains his pledge