China pledged billions of dollars of financing to Venezuela and Ecuador, two South American energy exporters battered by falling oil prices, as Beijing moved to secure resources and allies in the region. China has increased its diplomatic clout throughout Latin America by extending over $100 billion in credit to the region since 2005, according to figures from Boston University’s Global Economic Governance Initiative. On Thursday Chinese President Xi Jinping said China’s foreign investment in Latin America would hit $250 billion over the next decade, without offering details. Beijing has become the biggest foreign financier of both Venezuela and Ecuador, two oil-rich, leftist allies eager to help counter U.S. sway in the region. Following a meeting with Chinese President Xi Jinping, his Venezuelan counterpart Nicolás Maduro announced bilateral accords that would bring $20 billion in new […]