China lends $7bn to Brazil's embattled state-run oil firm Petroleo Brasileiro

The China Development Bank and China’s export credit financing agency have agreed to lend US$7 billion to Brazil’s scandal-hit state oil company Petroleo Brasileiro SA (PBR.NYSE) and Tianjin Airlines has signed a contract to purchase 22 jets from Embraer SA (ERJ.NYSE) in what is expected to be the the first round of such deals announced during Premier Li Keqiang’s tour of Latin America, Bloomberg reported. The deals coincide with Brazilian President Dilma Rousseff’s drive to reinvigorate his country’s economy, forecast to contract 1.2% this year. The two countries also signed a variety of other deals, including an agreement allowing the export of beef from Brazil to China, banned since 2012.