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BRICS Launches Yuan Payment System Across 185 Countries
- On Oct. 17, Eyob Tekalign, Ethiopia's central bank governor, said Addis Ababa began talks to swap part of its $5.38 billion debt into yuan-denominated loans with China Eximbank and the People's Bank of China.
- Following Kenya's deal earlier this month, officials point to large interest savings and a push to internationalize the yuan; Kenya saved $215 million annually, and swaps cut interest from 7.25 per cent to 3 per cent.
- Addis Ababa signed a memorandum of understanding to advance debt talks under the G20 Common Framework, while talks with holders of a $1 billion Eurobond ended in an impasse on Oct. 14.
- IMF Africa Director Abebe Selassie said `My sense is that it's going to yield nontrivial savings,` and Ethiopia expects to sign final bilateral deals with official creditors by the end of the year, aiming for March targets with non-bond commercial creditors.
- The BRICS group's de-dollarization discussions have drawn criticism from US President Donald Trump, while Sri Lanka, Hungary and Zambia watch yuan financing amid China's one-year prime rate at 3% versus the US rate of 7.25%.
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China, South Africa banks seal first yuan loan deal to boost African development
China Development Bank (CDB) and the Development Bank of Southern Africa (DBSA) signed a loan agreement worth 2.1 billion yuan ($290 million), marking the first yuan-denominated financing cooperation between the two institutions, according to the CDB on Wednesday, the Xinhua News Agency reported.
·Beijing, China
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Russia’s idea of BRICS grain exchange to counter CME gains momentum
The US decision to hike import tariff to use it as a weapon has revived activities within BRICS to meet the deadline of the roll out of the Russian and Brazillian proposals, at least on pilot basis, sources said
·New Delhi, India
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Coverage Details
Total News Sources31
Leaning Left3Leaning Right3Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 27%
C 46%
R 27%
Factuality
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