China ramps up yuan internationalisation under Belt and Road Initiative
SHANGHAI/SINGAPORE - China is using loans agreed through its Belt and Road Initiative to promote the yuan internationally, having already boosted the yuan's share of global payments to record levels.
"You can see that the countries that are basically using the RMB for trade settlements are mostly countries that have visited Beijing or have come up with strategic agreements with Beijing, Russia being the most obvious one," said Alicia Garcia Herrero, Asia Pacific chief economist at Natixis. Rising Sino-U.S. competition and the Russia-Ukraine war, both pushed Beijing to persuade more countries to use yuan for settlement, despite the currency's depreciation against the dollar.
The China Development Bank, a state policy lender, signed yuan-denominated loan contracts with Malaysia's Maybank, Egypt's central bank, and BBVA to its Silk Road Fund for BRI projects.
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