Beijing’s yuan lending spree comes after most of its prior Belt and Road Initiative loans were denominated in US dollars.
China’s policy banks signed a series of yuan-denominated loans Wednesday at the latest Belt and Road Initiative forum in Beijing.
Beijing’s yuan lending spree marks another step to internationalize the yuan and de-dollarize global finance, while also contrasting with its prior BRI loans, which were mostly denominated in greenbacks.
The yuan-based loans at the BRI meeting included contracts signed by the China Development Bank with Malaysia’s Maybank, Egypt’s central bank, and BBVA Peru, according to Reuters.
The Export-Import Bank of China also signed a yuan-based loan agreement with Saudi National Bank.
