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China has pledged nearly $10 billion in yuan-denominated credit lines to Latin American and Caribbean nations to strengthen development and deepen economic ties, Chinese President Xi Jinping announced at the China-CELAC Forum in Beijing. This move highlights China's strategic push to internationalize the yuan and reduce reliance on the U.S. dollar in global trade.
Addressing the ministerial meeting, Xi emphasized China’s commitment to expanding cooperation with CELAC (Community of Latin American and Caribbean States) under the Belt and Road Initiative. He noted that trade between China and Latin America surpassed $500 billion for the first time in 2024, rising from $450 billion in 2023 and just $12 billion in 2000.
The yuan-based credit will support infrastructure and investment projects, aligning with Beijing’s broader economic diplomacy. Analysts say such yuan deals—including credit swaps—facilitate cross-border transactions in RMB, offering borrowing nations an alternative to the U.S. dollar.
Xi also announced a new visa-free travel policy for five unnamed Latin American and Caribbean countries, with plans to expand the program further. This visa initiative aims to boost people-to-people exchanges and business connectivity.
During his speech, Xi welcomed both “old and new” friends and reiterated China’s support for Latin America’s greater influence in global governance. The China-CELAC Forum, launched in 2015, continues to serve as a key platform for dialogue and cooperation, fostering economic integration and strategic partnerships.
Through increased trade, financial collaboration, and diplomatic engagement, China is solidifying its presence in Latin America while advancing the global use of its currency. The move reflects a growing shift toward a multipolar world economy, where the yuan plays an increasingly central role in South-South cooperation.
