China gives Maduro a gold-backed lifeline

摘要

state visit by Venezuelan president Nicolas Maduro to China has revived a flagging relationship with Caracas’ biggest creditor, as Beijing shores up his government with another $5bn in new financial agreements. Maduro’s high-profile visit featured meetings with Chinese president Xi Jinping and senior government, energy, mining and finance officials. Maduro and Xi were present at the signing of a $5bn credit line from China Development Bank that is tied to unspecified gold mining joint ventures. The deal is a welcome lifeline for Venezuela as its crude output has declined to an unprecedented 1.2mn b/d, Argus estimates, and state-owned PdV is in default on most of its debt.