BBC: China’s President Xi Jinping signs Venezuela oil deal

Chinese President Xi Jinping has signed a series of oil and mineral deals with Venezuela.

They include a $4bn (£2.34bn) credit line in return for Venezuelan crude and other products.

The agreements came on the latest stop of a four-country visit to Latin America.

Mr Xi has already signed key deals in Argentina and Brazil. He has now departed from Venezuela and will visit Cuba next.

In Argentina the Chinese leader agreed to an $11bn currency swap providing much needed money for the government of President Cristina Fernandez de Kirchner.

Argentina has been locked out of the international capital markets since a default in 2001.

Mr Xi also helped launch a new development bank alongside the other emerging powers of the Brics group – Brazil, Russia, India and South Africa – at a summit in Brazil.

Source: BBC, 2014

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