Zhongxia Jin, the BRICS-led New Development Bank\u2019s Director General for Treasury and Portfolio Management<\/a>. He added that the Chinese bond market \u201cis now one of the most cost-effective funding sources in the world.\u201d The cost-cutting currency will benefit emerging economies and also power up their infrastructural projects and lending capacity.<\/p>\n\u201cWe don\u2019t just see the Chinese bond market as a source for cheap cash; we see this market as the future of local currency finance,\u201d Zhongxia said, affirming that the yuan is the best solution for the BRICS-led New Development Bank. \u201cThe Chinese bond market is no longer just an alternative asset class; it tends to become a key pillar of global financial architecture,\u201d he said.<\/p>\n
The BRICS New Development Bank switched from lending in the US dollar to the Chinese yuan in 2022. The Indian rupee, the Russian ruble, and the South African rand are also being used for infrastructural loan disbursement. The loans are mostly for the Global South, Latin America, and several countries from the African continent.<\/p>\n","protected":false},"excerpt":{"rendered":"The BRICS New Development Bank (NDB) is touting the Chinese yuan for funding across the Global South. China\u2019s…\n","protected":false},"author":2,"featured_media":583117,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,294,99,142345,164,285614,285615],"class_list":{"0":"post-583116","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-au","9":"tag-australia","10":"tag-brics","11":"tag-business","12":"tag-chinese-yuan","13":"tag-economy","14":"tag-ndb","15":"tag-new-development-bank"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/583116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=583116"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/583116\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/583117"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=583116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=583116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=583116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}