China’s role in financing emerging markets has shifted rapidly over the past decade. After a period of large-scale official lending through policy banks, financial flows from China are now net negative while many Emerging Markets and Developing Economies (EMDEs) remain confronted with high refinancing needs and costly access to hard-currency markets. At the same time, China has intensified efforts to internationalize the use of its currency, the renminbi (RMB), through a range of instruments: central bank swaps, direct lending, and, increasingly, by admitting foreign issuers into its domestic bond market. […]