China Offers BRICS Nations Loans in Chinese Yuan, Interest Subsidies
China is offering BRICS members and other developing countries to avail loans in the Chinese yuan (RMB) with interest subsidies. The Communist country is looking to internationalize the local currency by promoting it in the form of loans. The loans can be disbursed to emerging economies for infrastructural projects, building airports, seaports, and railroads, among others. The move is strategic and China is pushing the Chinese yuan loans with interest subsides when BRICS and other nations are distancing themselves from the US dollar. The timing is ripe as geopolitical tensions are gripping the world die to tariffs and trade wars from the US. The campaign aims to facilitate trade and infrastructural developments making the Chinese yuan be used for projects. Also Read: BRICS Launching QR Code Payments To Avoid US Dollar Chinese Yuan Loans For BRICS With Interest Subsidies Source: AFP Pushing the Chinese yuan ahead in the form of loans from BRICS and other countries will reduce US dollar ...