China Boosts Latin American Development with $10 Billion Yuan Credit Line

China pledges nearly $10 billion in yuan credit to Latin America, aiming to strengthen regional development and internationalize its currency. The China-CELAC Forum highlights China's deepening economic ties with the region, as President Xi Jinping underscores support through visa-free policies and increased trade exceeding $500 billion.

China has announced a substantial commitment of nearly $10 billion in yuan-denominated credit lines to support development in Latin American countries. This pledge came as President Xi Jinping addressed the China-CELAC Forum in Beijing, highlighting the growing strategic and economic ties between China and the region.

The initiative aims to push the internationalization of the Chinese currency, with China fostering increased cooperation under the Belt and Road Initiative. In addition to financial aid, China plans to implement a visa-free policy for five Latin American and Caribbean countries, which will expand over time.

Trade between China and Latin America has surpassed $500 billion, marking a significant increase from previous years. The China-CELAC Forum serves as a crucial platform to enhance dialogue and cooperation on trade, investment, and infrastructure.

(With inputs from agencies.)