China Finds Costly New Way of Boosting Xi’s Global Yuan Push

China is leveraging its position as the world’s largest creditor to help broaden usage of the yuan, offering overseas borrowers the chance to benefit from economically-depressed interest rates at home by ditching the dollar.

Ethiopia became the latest this week in looking to convert at least part of the $5.38 billion owed to Beijing into yuan-denominated loans. A growing number of sovereigns is also seizing on cheaper Chinese financing via bonds.