Overseas renminbi lending surges as China steps up campaign to de-dollarise
Overseas renminbi lending surges as China steps up campaign to de-dollarise
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cross-posted from: https://lemmy.zip/post/51617012
the Bank for International Settlements estimates that overseas bank lending in renminbi to borrowers in developing countries rose by $373bn in the four years to the end of March.
“The year 2022 marked a turning point away from dollar- and euro-denominated credit and towards renminbi-denominated credit” to such borrowers, the BIS said.