China is stepping up its role as the lender of last resort tosome of the world's most financially strapped countries.

Chinese officials signaled Saturday that they are willing toexpand a US$24 billion currency swap program to help Russia weatherthe worst economic crisis since the 1998 default. China hasprovided $2.3 billion in funds to Argentina since October as partof a currency swap, and last month it lent $4 billion to Venezuela,whose reserves cover just two years of debt payments.

By lending to nations shut out of overseas capital markets,Chinese President Xi Jinping is bolstering the country's influencein the global economy and cutting into the International MonetaryFund's (IMF's) status as the go-to financier for governments in financial distress.While the IMF tends to demand reforms aimed at stabilizing acountry's economy in exchange for loans, analysts speculate thatChina's terms are more focused on securing its interests in theresource-rich countries.