/ world today news/ “Deutsche Bank China” will cooperate with Brazil-based Sao Simao Co – a subsidiary of the State Energy Investment Corporation of China (SPIC) – to carry out the first offering of yuan-oriented loans in the Latin American market. The agreement calls for 400 million yuan ($54.77 million) in short-term loans to foreign clients, Shanghai Securities News reported on Friday.
“The loans provide a new opportunity for overseas financing for enterprises and also mark a new milestone in the internationalization of the yuan in the Latin American market,” Ying Zheng, a representative of Deutsche Bank China, told the media.
Officials of the China State Energy Investment Corporation said the project marks “a deeper application of the yuan in the Latin American market and will allow Chinese-backed overseas enterprises to explore the internationalization of the Chinese currency and further progress in the Belt and Road Initiative way”.
Meanwhile, Argentina’s Economy Ministry announced on Tuesday that it will once again use the yuan to pay off some of its debt to the IMF in yuan. According to experts, this decision shows Argentina’s confidence in the Chinese economy and is a recognition of the stability and value of the Chinese currency.
#Deutsche #Bank #China #provide #yuandenominated #loans #Latin #American #market
