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China, L. America to strengthen economic ties

Published Mar 20, 2012 at 06:35 - Xinhuanet

Therefore, he added, China Eximbank and the IDB are working at the same time to develop an investment mechanism that satisfies the common interest of both sides.

Uruguayan Economy Minister Fernando Lorenzo said Monday that Latin American countries were expected to introduce the yuan, the Chinese currency, into their trade with Chinese businesses to reduce risks brought by the fluctuating U.S. dollar, the dominating trade currency in the region.

Trade based on the yuan would be of great benefit for Latin America, Chief Advisor of the IDB Investigation Department Andrew Powell said while a press conference.

The second biggest trade partner

China is the second biggest trade partner and the third largest investor of Latin America, and its economy has maintained its competitiveness among the spiraling global economy, IDB General Manager Koldo Echebarria said in an interview with Xinhua.

More information: Xinhuanet