18 Jan '11, 3am

China has lent more money to developing nations than the World Bank in the past two years, a report said

A bank teller counts stacks of US dollars and Chinese 100-yuan notes at a bank in Hefei, east China's Anhui province. China has lent more money to developing nations than the World Bank in the past two years, a report said. -- PHOTO: AFP BEIJING - CHINA has lent more money to developing nations than the World Bank in the past two years, the Financial Times said on Tuesday, underlining Beijing's ambitions to increase its global influence. China lent at least US$110 billion (S$142 billion) to governments and firms in other developing countries in 2009 and 2010, surpassing the US$100.3 billion by the World Bank, the newspaper said. The statistics were compiled from public announcements by banks, borrowers or China's government, it said. The Chinese government, sitting on more than US$2 trillion in foreign exchange reserves, has since 2009 stepped up its backing of state compa...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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