A China-based bank that’s trying to de-dollarize global lending is now having trouble repaying its dollar debts, report says

Chinese President Xi Jinping. Reuters The New Development Bank is having trouble finding dollar funds to repay debts, the Wall Street Journal said. It was established by the BRICS bloc of nations to offer alternatives to dollar lending. But its own finances were deeply reliant on Wall Street, which backed away after the Ukraine war. A development bank established by the BRICS bloc of nations to reduce reliance on US dollar loans is having trouble finding dollars to repay its own debts, sources told the Wall Street Journal. Based in Shanghai, the New Development Bank has largely ceased issuing new…