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Post by bot on Mar 8, 2012 16:41:22 GMT -5
China to make yuan loans to Bric nations: FT from MarketWatch.com - MarketPulse HONG KONG (MarketWatch) - China will extend yuan-denominated loans to other nations that make up the Bric group of nations, according to a report in the Financial Times on Thursday, which cited people familiar with the plan. The report said the move represented another step "towards the internationalization of its [China's] currency," and noted that a memorandum of understanding will be signed in New Delhi between the China Development Bank and counterparts from Brazil, Russia, India and South Africa on March 29. The structure will see China's development bank extend yuan loans to respective development banks, which will then extend loans to domestic borrowers denominated in their home currencies.
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