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China continues commodities binge with Brazilian oil deal

Posted on 23 February 2009

From Seekingalpha.com: China Development Bank, one of China’s largest state-owned enterprises, has agreed to lend $10 billion to Brazil’s Petrobras (PBR) in exchange for a long-term supply of oil - the latest illustration of how Beijing is using the global downturn to further its domestic agenda.

Money Morning first reported in January that China was building stakes in some of the world’s largest natural-resource companies, which have been made vulnerable by depressed commodities prices, tumbling profits and falling stock prices….. Full Article: Source


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