China intends to extend renminbi loans to other leading Bric nations, in another step towards the internationalisation of its currency.
The China Development Bank will sign a memorandum of understanding in New Delhi at a meeting with its Brazilian, Russian, Indian and South African counterparts on March 29, according to people familiar with their discussions.
Under the agreement CDB, which lends mainly in US dollars overseas, will make renminbi loans available, while the other Bric nations’ development arms will extend loans denominated in their respective currencies.
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