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China-led AIIB to begin lending in baht, rupiah and rupee

President wants to safeguard 'any market' from forex swings

Local-currency financing starts this month, initially covering India, Indonesia, Thailand, Turkey and Russia. (Nikkei montage)

LUXEMBOURG -- The Asian Infrastructure Investment Bank will offer local-currency financing in certain emerging markets, President Jin Liqun told Nikkei on July 11.

The program, which would shield borrowers from the swings of foreign exchange markets, is believed to be aimed at private-sector companies working on large-scale projects. The initiative starts this month and will initially cover India, Indonesia, Thailand, Turkey and Russia, with more to come later.

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