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
History of Brazil since 1985 price freezes and ultimately a change in the national currency. During Sarney's presidency, Brazil had three currency units: the cruzeiro, the cruzado and the cruzado novo. Economic domestic troubles led to default on Brazil's international debt in 1988. This closed international financial markets for Brazil and its economic situation worsened. Despite the initial decrease, inflation returned higher than before the economic plans, reaching 84% a month in 1990. The government's inability to deal with inflation ultimately led parties that had led the political transition to lose the 1989 elections, the first elections under the new Constitution and the first presidential