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Chinese Take Increasing Interest In Colombia

April 2, 2009

Huang Zhilong from the Institute of Latin America, a think-tank that is part of the Chinese Academy of Social Sciences, says China will cautiously buy more Latin bonds, including IDB bonds, to support economic recovery and development efforts. Huang also said that China hopes to increase use of the Yuan to settle Sino-Latin debt, following a recent currency swap with Argentina that made it easier for Argentina to buy Chinese goods (using Yuan instead of expensive dollars).

The IDB says China will fund one public and one private partnership. El Colombiano is reporting that China wants to help build the Pescadero Ituango (Ituango Fisherman) hydroelectric project planned in Antioquia.

Fulbright & Jaworski’s Laura McMahon, co-chair of the law firm’s Latin America Practice Group, said in a recent Latin Business Chronicle story that “We’ve been doing deals between China-based companies and Latin America for several years, but this past year I’ve seen more deals than I’ve seen in prior years.” (See the full article, which is only partly available without a subscription.)

Nouriel Roubini’s RGE Monitor also takes note that top Chinese officials are traveling in Latin America this week as China “tops the list of emerging Latin American trading partners.”

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