The New Development Bank, built by China to challenge the dollar, now needs dollars.
Also known as the “BRICS bank,” it was set up eight years ago by the world’s biggest developing economies—Brazil, Russia, India, China, and South Africa.
With those nations representing 25 percent of global GDP, the bank was doing pretty well.
But now an examination of its finances says it stopped making new loans after struggling to raise dollar funds to repay its debts.