China to aid indebted African sovereigns

摘要

China has pledged a further US$60bn in funding to African countries at the latest Forum on China-Africa Cooperation, and also shown its willingness to consider offering debt relief to China's African debtors. That amount was triple the US$20bn sum pledged at the previous forum three years ago and comes as the continent's commodity exporters face financial strains with raw material prices falling - partly due to reduced demand from China. At the same time, many such countries have increased their debt levels, borrowing from China as well as other international investors via issuing Eurobonds, with the majority denominated in US dollars. The strengthening of that currency has effectively increased this debt burden.