China Offers New Credit to Latin America, Caribbean in Show of Solidarity

Chinese President Xi Jinping speaks during the CELAC opening ceremony in Beijing on May 13. Photo by Pedro PARDO / AFP

China will extend RMB66 billion ($10 billion) in fresh credit lines to Latin American and Caribbean countries. The financing will be denominated in yuan and represents a further internationalization of the Chinese currency. The financing will be used for infrastructure and development projects.

Xi also announced visa-free travel between China and certain countries in the region. The move comes as China tries to encourage trade and investment links as the United States is putting more pressure on the region to remain in the U.S. sphere of influence.

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by CGSP Staff

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