Beyond Dollar: Bangladesh to seek over 36b yuan in Chinese loans

Bangladesh plans to seek over $5 billion in soft loans from China to ease pressure on its dollar reserves. The funds will be used to support businesses importing raw materials and for budget support. China is Bangladesh’s largest trading partner, with Bangladesh importing goods worth $22.9 billion in fiscal 2022-23. Officials aim for a long-term loan with an interest rate below 1% to address the country’s depleting reserves, currently at $19.95 billion.