China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. In a raft of energy, finance and industry accords signed before presidents Xi Jinping and Dilma Rousseff, the two nations agreed to join forces to build railways to help Brazil cut its infrastructure deficit and feed China's appetite for commodities.Trade between China and Brazil soared to $83.3 billion last year from $3.2 billion in 2002, with iron ore, soy and oil making up the bulk of Brazilian exports, making China the South American nation's biggest trade partner.China's Eximbank extended a $5 billion credit line to Vale to purchase ships and equipment from Chinese companies, but there was no mention of a solution to an impasse over China's refusal to allow giant, bulk iron ore carriers used by Vale SA to dock at Chinese ports.In a sign of deepening financial ties between the two members of the BRICs bloc of emerging nations, the China Construction Bank formalized acquisition of 72 percent of Brazilian mid-size lender Banco Industrial e Comercial SA, a 1.62 billion real deal agreed in October.
Vale SA (Vale) is a Brazil-based metals and mining company. Shares of VALE fell by 1.18% or $-0.17/share to $14.23. In the past year, the shares have traded as low as $12.29 and as high as $17.14. On average, 17082700 shares of VALE exchange hands on a given day and today's volume is recorded at 8721571.
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