China offers other Brics renminbi loans

China intends to extend renminbi loans to other Brics nations, in another step towards the internationalisation of its currency.

The China Development Bank will sign a memorandum of understanding in New Delhi with its Brazilian, Russian, Indian and South African counterparts on March 29, say people familiar with their talks. Under the agreement CDB, which lends mainly in dollars overseas, will make renminbi loans available, while the other Brics nations development banks will also extend loans denominated in their respective currencies ... READ MORE

Released by Financial Times - 7 March 2012