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Developing Countries Swapping Out of Dollar Debt

Developing countries are moving out of dollar debts and turning to currencies with rock bottom interest rates such as the Chinese renminbi and Swiss franc, The Financial Times reported. It said the shift, embarked upon by indebted countries including Kenya, Sri Lanka and Panama, reflects the higher rates set by the US Federal Reserve, which have angered President Donald Trump as well as increasing other countries’ debt servicing costs. [...]