Bric by bric, the yuan moves on

Last week the finance ministry allowed Indian companies to access yuan-denominated loans from Chinese banks within certain limits. This decision has deeper economic and strategic implications for India. Overall, the decision to allow companies to access yuan loans flows from the larger agreement among the BRIC nations in Sanya, a resort town in Southern China, earlier this year when it was decided that that these economies would start lending to each other in local currencies and conduct a part of their trade in domestic currency.

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