The New Development Bank, the lender created by the BRICS bloc, has issued a 10 billion yuan bond in China, equal to about $1.5 billion, as it deepens its use of local currencies for financing. The move reflects a broader effort by the institution to cut dependence on the U.S. dollar in its funding operations.

The bond sale marks another step in the bank’s push to borrow and lend more in currencies used by its member countries and host markets. Local-currency issuance can help reduce exchange-rate risk for borrowers and support projects without tying financing as closely to dollar markets.

Based in Shanghai, the NDB was launched by Brazil, Russia, India, China and South Africa to finance infrastructure and sustainable development across emerging economies. Its growing yuan activity also underscores China’s central role in the bank’s fundraising strategy.

The development comes as many multilateral lenders and emerging-market borrowers continue to reassess how much they rely on dollar funding, particularly amid currency swings and tighter global financial conditions.