{"id":8668,"date":"2012-03-08T02:59:05","date_gmt":"2012-03-08T00:59:05","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/china-to-offer-renminbi-loans-to-brics-nations-ft\/"},"modified":"2012-03-08T02:59:05","modified_gmt":"2012-03-08T00:59:05","slug":"china-to-offer-renminbi-loans-to-brics-nations-ft","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/china-to-offer-renminbi-loans-to-brics-nations-ft\/","title":{"rendered":"China to offer renminbi loans to BRICs nations -FT"},"content":{"rendered":"

\t\t<\/span><\/p>\n

LONDON, March 7<\/span> (Reuters) – China is planning to
\nextend renminbi loans to other major emerging BRIC countries, in
\nanother step toward the expansion of the yuan’s role in foreign
\nexchange, the Financial Times reported on Wednesday.<\/span><\/p>\n

<\/span><\/p>\n

The China Development Bank (CDB) will sign a memorandum of
\nunderstanding at a meeting with its BRICs counterparts – Russia,
\nSouth Africa, Brazil and India – in New Delhi on March 29, the
\nnewspaper reported, citing people familiar with the talks.<\/p>\n

<\/span><\/p>\n

Under the agreement CDB, which lends mainly in dollars
\noverseas, will make renminbi loans available, while the other
\nBRICs nations’ development banks will also extend loans
\ndenominated in their respective currencies, the FT said in an
\narticle published on its website.<\/p>\n

<\/span><\/p>\n

The renminbi is the official currency of China and its
\nprimary unit is the yuan. Of the six largest economies in the
\nworld, China is the only one whose currency does not have
\nreserve status.<\/p>\n

<\/span><\/p>\n

The initiative aims to boost trade between the five BRICs
\nnations and promote use of the renminbi, rather than the U.S.
\ndollar, for international trade and cross-border lending, the FT
\nsaid.<\/p>\n

<\/span><\/p>\n

In the past few years Chinese authorities have begun to
\ngradually internationalise the currency before fully
\nliberalising China’s capital account.<\/p>\n

<\/span><\/p>\n

Much of China’s banking system, however, remains regulated,
\nand lending is largely controlled.<\/p>\n

<\/span><\/p>\n

BNDES, Brazil’s development bank, and South Africa’s Finance
\nMinistry were cited by the FT as saying they expected an
\nagreement to be signed at the New Delhi meeting, which would
\ninclude the lending pledge, with details to be ironed out during
\na summit.<\/p>\n

<\/span><\/p>\n

“We will discuss the creation of structures and mechanisms
\nfor lending in local currencies in order to maximise economic
\nand financial transactions between the countries that are
\nmembers of the accord,” BNDES was quoted as saying.<\/p>\n

<\/span><\/p>\n

Other signatories would include Russia’s Vnesheconombank,
\nthe Export-Import Bank of India and the Development Bank of
\nSouthern Africa, according to the article.<\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON, March 7 (Reuters) – China is planning to extend renminbi loans to other major emerging BRIC countries, in another step toward the expansion of the yuan’s role in foreign exchange, the Financial Times reported on Wednesday. The China Development Bank (CDB) will sign a memorandum of understanding at a meeting with its BRICs counterparts […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8668","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8668"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8668\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}