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Rouble swap signal shows China swooping in as emergency lender

Cutting into the IMF's traditional role, China's move is motivated by its interest in resources, say analysts

Published Tue, Dec 23, 2014 · 09:50 PM

New York

CHINA is stepping up its role as the lender of last resort to some of the world's most financially strapped countries.

Chinese officials signalled on Saturday that they are willing to expand a US$24 billion currency swap programme to help Russia weather the worst economic crisis since the 1998 default. China has provided US$2.3 billion in funds to Argentina since October as part of a currency swap, and last month it lent US$4 billion to Venezuela, whose reserves cover just two years of debt payments.