The new BRICS Development Bank (NDB) is to issue its first loan in April 2016 in Chinese Renminbi, its President K. V. Kamath said this week in an interview with India’s Outlook magazine, in which he set out to dispel any concerns about rivalry between NDB and the China’s new Asian Infrastructure Investment Bank. “The launch of the New Development Bank is an attempt to create an alternative or at least parallel financial system to the existing dollar one, and the first loan in yuan is a sign of this trend,” he said. It was not in competition with the AIIB he insisted. The issue of cooperation between the two financial institution was discussed at the BRICS summit in Ufa earlier this month.
Source: rbth