China’s Eximbank Launches Yuan-Denominated Infrastructure Fund in Latin America
China views Latin America as a viable region for infrastructure development. The Export-Import Bank of China (China Eximbank) will launch a yuan-denominated fund to invest in developing infrastructure. China Eximbank will partner with the Inter-American Development Bank. The fund amount will be US$ 1 billion.
Headquartered in Beijing, China Eximbank was created in 1994 and is fully owned by the Government of China.
China’s yuan is being proposed as a currency diversifier. The Government of China wants to promote its currency to other countries by raising the visibility of the yuan. Several South American countries are engaging in bilateral trade agreements with China and are using yuan in their currency swap agreements.
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