Chinese Loans to Latin America Plunge as Virus Strains Ties

Chinese yuan banknotes are seen on a table at a bank counter in Hangzhou, China, on Aug. 30, 2019. STR/AFP via Getty Images

MIAMI—It seemed like a match made in finance heaven.

In 2010, China, its economy roaring and state companies looking to expand globally, set its eyes on Latin America, a region starved of capital but rich in natural resources the Asian giant lacked. The result: a record $35 billion in state-to-state loans that year.