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Brazil's government, as with all Olympic hosts, has guaranteed to finance any cost overruns.
Rousseff will now sign it into law.
Rousseff's opponents were delivered boons in the form of negative economic data ahead of street protests this weekend.
The Chinese move will not have a direct impact on the Russian rouble and financial markets, the Russian central bank said.
China is providing a total of $10 billion in financing for Brazil’s state-run energy company Petrobras.
The President’s approval rating plunged to 8 per cent in August, a record low.
Falling commodities demand and rampant inflation batter the currency as the economy contracts.
President Dilma Rousseff is trying to rein in the largest budget gap in 16 years that threatens Brazil’s investment grade.
In the first week of June, outflow from emerging economies reached $9.3 billion – the highest rate in seven years.
This is the second transmission line concession to be auctioned to connect the Belo Monte dam in the Amazon to the national grid.