Venezuela's President Nicolas Maduro took his exhausted country by surprise on Wednesday by boarding a flight to China. Three years ago, China turned off the credit taps after lending Venezuela more than US$50 billion. Venezuela's soil contains two things China needs: the world's largest proven oil reserves and abundant coltan, a mineral used in smartphones. China is already entitled to take 375,000 barrels a day of Venezuelan oil as payment on existing debts. "China now has become Venezuela's lender of last resort, and the future of Maduro's regime depends on which stance the Chinese take."

Source: CBC News September 15, 2018 07:52 UTC