BRICS-led Development Bank touts yuan funding for Global South

BRICS-led Development Bank touts yuan funding for Global South


The lender’s view aligns with Beijing’s push to elevate the yuan’s role as a global funding currency, signalling room for continued growth in issuance and liquidity for foreign issuers in China’s onshore bond market.
| Photo Credit:
THOMAS WHITE

China’s onshore bond market, backed by ample liquidity and a stable currency, is emerging as an attractive funding source for developing economies, according to the BRICS-led New Development Bank.

With borrowing costs low, the Chinese bond market “is now one of the most cost-effective funding sources in the world,” Zhongxia Jin, the bank’s director general for treasury and portfolio management, said in Beijing on Tuesday. “We don’t just see the Chinese bond market as a source for cheap cash, we see this market as the future of local currency finance.”

Yuan-denominated funding, Jin added, provides a natural hedge for projects in local currencies, particularly across the Global South, which includes India, Indonesia and the Philippines, as well as Brazil and other parts of Latin America. Such financing is especially suited to initiatives like the green transition.

The lender’s view aligns with Beijing’s push to elevate the yuan’s role as a global funding currency, signalling room for continued growth in issuance and liquidity for foreign issuers in China’s onshore bond market.

“Chinese bond market is no longer just an alternative asset class, it tends to become a key pillar of global financial architecture,” Jin said, citing lower funding costs and relative currency stability.

New Development Bank sold five yuan-denominated notes totalling 25 billion yuan ($3.6 billion) last year, the largest annual issuance since it began tapping the market in 2016, according to data compiled by Bloomberg. In its latest deal late last year, the bank extended panda bond maturities to 10 years for the first time, signaling a push to secure longer-term funding.

New Development Bank was established by BRICS members Brazil, Russia, India, China and South Africa, according to the bank’s website.

More stories like this are available on bloomberg.com

Published on April 1, 2026



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Trump lashes out at allies, says securing Strait of Hormuz is ‘not for us’

Trump lashes out at allies, says securing Strait of Hormuz is ‘not for us’


U.S. President Donald Trump
| Photo Credit:
REUTERS/Evan Vucci

US President Donald Trump lashed out Tuesday at allies who have been unwilling to do more to support the US war effort against Iran, telling them to “go get your own oil” and declaring that securing the Strait of Hormuz is “not for us.” The president estimated that the American military will be done attacking in two to three weeks and said the US “will not have anything to do with” what happens in the strait that has been closed by the Islamic Republic. Instead, he told reporters that the responsibility for keeping the vital waterway open will rest with countries that rely on it.

There’s “no reason for us to do this,” Trump said after signing an executive order that seeks to restrict mail-in voting. “That’s not for us. That’ll be for France. That’ll be for whoever’s using the strait.” In other developments, the closure of the strait sent average US gas prices past $4 a gallon, and US strikes hit the central city of Isfahan, sending a massive fireball into the sky. Tehran attacked a fully loaded Kuwaiti oil tanker in the Persian Gulf.

The attacks showed the intensity of the war more than a month after the US and Israel launched it. The conflict has left more than 3,000 dead and caused major disruptions to the world’s supply of oil and natural gas, roiling global markets and pushing up the cost of many basic goods.

Trump, who has vacillated between insisting there is progress in diplomatic talks with Iran and threatening to widen the war, had earlier shared footage of the attack on Isfahan.

Fuel prices rise, rattling global markets

Iran’s stranglehold on the strait, the waterway leading out of the Persian Gulf through which a fifth of the world’s oil is transported during peacetime, has driven up global oil prices, as have Tehran’s attacks on regional energy infrastructure.

Spot prices of Brent crude, the international standard, hovered around $107 a barrel Tuesday, up more than 45 per cent since the war started February 28.

In a social media post, Trump directed blame at US allies like the UK and France that have refused to enter a war with no clear endgame that they were not consulted on.

“You’ll have to start learning how to fight for yourself, the USA won’t be there to help you anymore, just like you weren’t there for us. Iran has been, essentially, decimated. The hard part is done. Go get your own oil!” Trump wrote.

He singled out France for not letting planes fly over French territory while taking military supplies to Israel.

France has allowed the US Air Force to use the Istres base in southern France because it had guarantees that planes landing there would not be involved in carrying out strikes.

Allies refuse to get involved

Spain, which has emerged as Europe’s loudest critic of the war, said Monday that it had closed its airspace for US planes involved in the conflict.

Italy recently refused to allow US military assets to use the Sigonella air base in Sicily for an operation linked to the offensive, an official with knowledge of the matter said, confirming a local press report. The official spoke on condition of anonymity because they were not authorised to speak publicly.

Italian Defense Minister Guido Crosetto wrote on X that Italy is still allowing the US to use its bases, adding that there has been no cooling of relations between the two countries.

Iran hits oil tanker as Israel strikes Iran, Lebanon

Israel and the US launched a wave of strikes on Iran, hitting Tehran in the early morning.

The Israeli military said it launched strikes targeting what it described as Hezbollah infrastructure in the Lebanese capital, Beirut. Defense Minister Israel Katz said Israel plans to control the area south of the Litani River — some 30 km north of the border.

Israel invaded southern Lebanon after Hezbollah began launching missiles into northern Israel days after the outbreak of the wider war. Many Lebanese fear another prolonged military occupation.

An Iranian drone hit a Kuwaiti oil tanker off the United Arab Emirates city of Dubai, sparking a blaze that was later put out, the Dubai Media Office said. Authorities said no oil spill resulted.

Four people were wounded by debris from an intercepted drone in Dubai, and air-raid sirens sounded in Bahrain, while Saudi Arabia said it intercepted three ballistic missiles launched toward its capital. Loud explosions were also heard in Israel not long after the military warned of an incoming missile barrage from Iran.

In Iran, authorities say more than 1,900 people have been killed, while 19 have been reported dead in Israel.

Two dozen people have died in Gulf states and the occupied West Bank. In Lebanon, officials said more than 1,200 people have been killed, and more than 1 million displaced.

Ten Israeli soldiers have died in Lebanon, including the four announced Tuesday, while 13 US service members have been killed.

Published on April 1, 2026



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US judge blocks deal allowing churches to endorse political candidates

US judge blocks deal allowing churches to endorse political candidates


A US federal judge has declined to approve a Trump administration-era settlement that would have allowed churches to endorse political candidates without risking their tax-exempt status

A federal judge on Tuesday declined
to approve a Trump administration-crafted settlement that would
have allowed churches and ​other houses of worship to endorse
political candidates to their congregations without ‌risking
losing their status as tax-exempt nonprofits.

U.S. District Judge J. ​Campbell Barker in Tyler, Texas,
ruled he lacked jurisdiction ⁠to hear the case and sign off on a
consent judgment that the U.S. Internal Revenue Service had
entered into with two Texas churches and the ‌National Religious
Broadcasters.

Under the IRS’ proposed pact, traditional religious
communications would be deemed exempt from a decades-old
provision in the U.S. ‌tax code that bars nonprofits, religious
and secular, from endorsing ‌political ⁠candidates.

It entered into that agreement in July to resolve ⁠a lawsuit
that NRB, an association of Christian broadcasters, filed ahead
of the 2024 presidential election to challenge the 1954 tax code
provision known as the Johnson Amendment, ​which was named for
then-Senator Lyndon ‌Johnson, who went on to become president.

But Barker, who was appointed by Trump during his first
administration, sided with opponents of the agreement from the
Americans United for Separation of Church and ‌State in finding
the Tax Anti-Injunction Act barred him from ​approving the deal.

That law broadly prohibits lawsuits that seek to block the
collection of taxes. And Barker said ⁠that declaring the Johnson
Amendment does not apply to specific conduct “would thus
directly bear on the amount of tax that could be collected.”

Rachel ‌Laser, the president of the Americans United for
Separation of Church and State, in a statement applauded
Barker’s decision to dismiss the case, saying it means “the
Johnson Amendment will remain a strong bulwark to stop religious
extremists from exploiting houses of worship.”

Michael Farris, NRB’s general counsel, said his organization
plans to appeal, saying Barker’s ruling ignored an ‌exemption to
the Anti-Injunction Act that would allow the case to proceed.

The IRS ​did not respond to a request for comment.

The U.S. Department of Justice under Democratic President
Joe Biden had defended ⁠the law’s constitutionality in court
before shifting course under Republican President Donald ⁠Trump,
who has called for the Johnson Amendment to be repealed.

The IRS in proposing the settlement last year said ‌that
interpreting the Johnson Amendment to include communications
between a house of worship and its congregation would create
“serious tension” with the religious ​rights protections of the
U.S. Constitution’s First Amendment.

Published on April 1, 2026



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Gold ETFs see investor Exit in March

Gold ETFs see investor Exit in March


For every dollar inflow in physically-backed goldexchange-traded funds (ETFs) in March, there was an outflow of $2.3, according to data from the World Gold Council (WGC).

While investments in gold ETFs totalled $9.12 billion, investors chose to cash in $21.35 billion. Overall, gold ETFs witnessed more outflows in all four weeks of the month.

While outflows were the second-highest in the week ending March 28, inflows lagged behind those of the first two weeks. Gold has been at the receiving end since the US-Israel axis launched an offensive against Iran on February 27.

Interestingly, outflows were witnessed across the world in the fourth week compared to the earlier three weeks, when Asia bucked the trend to be positive. In the fourth week, exits from ETFs in Asia almost matched North America. In the fourth week, North America saw a flight of $1.58 billion, Europe $1.15 billion, Asia $1.52 billion and others $0.06 billion.

Down 15% in a month

Over the past month, gold prices has declined by 15 per cent. The precious metal has shed over 19 per cent after it peaked at $5,608 an ounce on January 30. It is currently ruling at $4,551.08 an ounce. On COMEX, June gold contracts are quoted at $4,580.42 an ounce.

Soaring crude oil prices, strengthening of the dollar, concerns over global inflation that could force banks to hike interest rates and fears of banks selling gold reserves have dragged the precious metal lower soon after the Iran war broke out.

US research agency BMI, an unit of Fitch Solutions, said it expects gold to remain under pressure in the second quarter and beyond. Hawkish US Fed sentiment and dollar strength will further dampen gold’s attractiveness. 

Price forecast

However, BMI said it was maintaining its 2026 gold price forecast at an annual average of $4,600/oz. It expects prices to remain under pressure as the year progresses and the US-Iran war drags on. 

Prices started the year at $4,331/oz on January 2, and averaged $4,899/oz in the year-to-date as of March 25, said BMI.

A look at the year-to-date data of WGC shows that gold is probably being held by Asian investors, particularly in India and China. As of March 28, inflows into gold ETFs exceeded $52.13 billion and outflows were $40.17 billion.

In North America and Europe, there was a net outflow of $1.23 billion and $0.40 billion, respectively. However, Asia has seen a net inflow of $13.29 billion, supporting gold prices.

China, India positive

Data show that China and India are the top investors in gold ETFs so far this year. Chinese investments in the ETFs were $7.93 billion, while in India, they were $3.13 billion. Japanese inflows were also positive at $1.02 billion.

However, in the fourth week, Chinese investors chose to exit ETFs with the outflow at $1.54 billion. Details of Indian investments were not available. Investors in France encashed $0.19 billion, Canadians and Australians took awau $0.05 billion each and Germans $0.03 billion. In terms of tonnage, the US and China witnessed a 10 per cent drop, while it was 6.8 per cent decline in the UK, where the outflow was almost $1 billion.

Nippon India ETF Gold BeES was among the top 10 global ETFs that witnessed inflows. Investments in the Indian fund were up at $1,09 billion. Four Chinese ETF funds were among the top 10, while SPDR Gold Minishares Trust topped with $2.62 billion in investments.

BMI said among institutions, the central bank of Turkiye sold 58-60 tonnes of gold (approximately $8bn) over two weeks in March 2026, and Russia sold 15-15.5 tonnes of the precious metal over January and February 2026. 

Gold had a sparkling rally since 2024 due to the Ukraine War, US tariffs war against other nations, particularly China, Washington’s threat to annex Greenland, hopes of a fall in US Fed interest rates and the US capture of Venezuelan President Nicolas Maduro.

Published on March 31, 2026



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India set to receive first Iranian crude oil after seven years

India set to receive first Iranian crude oil after seven years


India is set to receive its first consignment of crude oil from Iran—after almost seven years—an indication that the world’s third largest importer is making use of the 30-day window offered by the United States for buying Iranian oil “on water”.

Global data and analytics provider Kpler’s Marine Traffic told businessline that an Aframax, Ping Shun (IMO 9231901) is loaded with around 600,000 barrels of Iranian crude oil from Kharg Island in early March and has emerged as the first vessel observed signalling a destination of Vadinar (Gujarat) in India.

This is the first crude oil cargo “since May 2019”, following sanctions being re-imposed on Iranian oil by the first Trump administration, it added.

It is not immediately clear which refiner has contacted the Iranian crude oil cargo.

Vadinar is home to the 405,000 barrels per day (b/d) refinery, which is owned and operated by Rosneft-backed Nayara Energy. However, sources said that the cargo is not for Nayara as its refinery is going into a 35-day maintenance from April1-2.

Amid the Middle East Gulf (MEG) conflict and subsequent oil price volatilities, the US administration temporarily lifted sanctions for over 30 days against Iranian oil on water loaded before March 20th, explained Sumit Ritolia, Kpler’s Lead Research Analyst for Refining & Modeling.

“The Indo-Iranian oil trade has flickered back to life. Following the US administration’s decision to grant a 30-day window for Iranian oil ‘on the water’ due to regional conflict. The vessel Ping Shun is now en route to Vadinar with 600,000 barrels of crude. This is the first such delivery since May 2019 and comes at a critical time for Indian refiners facing tightening inventories,” he added.

The tanker is left from Kharg Island around March 4th, with a declared ETA to Vadinar on April 4th, Marine Traffic said.

Published on March 31, 2026



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