Vnesheconombank (VEB) is in discussions with China Development Bank (CDB) for a currency swap between the two lenders, The Wall Street Journal reports. The Russian state-owned lender is seeking a yuan-denominated loan for the swap. The lender is borrowing around $1.5 billion worth of yuan from Beijing-based CDB for the currency swap. Separately, the state development banks of Brazil, Russia, India, China and South Africa have agreed to open credit lines in their national currencies to each other.
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