On July 17 (local time, in Brazil), under the witness of the heads-of-state of China and Brazil, BOC Chairman Tian Guoli and Murilo Ferreira, CEO of Companhia Vale do Rio Doce entered into a Cooperation MOU for Global Financing Arrangements, under which, both sides will carry out cooperation in global credit grant, cash management, cross-border RMB trade settlement, supply chain financing, and financing support to downstream enterprises.
Vale is the world's biggest iron ore producer and exporter, and the biggest mining company in the Americas. With a market capitalization of around US$ 140 billion, it is one of the world's 30 largest listed companies, and has operations in 37 countries worldwide.
With the signing of this MOU, by leveraging its advantages in international business, BOC will cooperate with Vale in syndicated loans, bilateral loans, export credit, trade finance, bond issue, cash management, cross-border RMB trade settlement, and supply chain finance on a multi-region, multi-product and all-currency basis. Both sides agreed that Vale may adopt RMB denomination for its import and export activities with the Chinese market, and make payments and settlements in RMB. BOC will provide its cross-border RMB settlement products and services.
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