The Chinese are establishing roots everywhere, and to say they are one of the top superpowers today would be an accurate summation of world events.
The Chinese yuan is set to become one of Zimbabwe’s legal currencies, after China wrote off a $40m debt the Southern African nation owed.
Currencies like the US dollar and the South African Rand are already in use in Zimbabwe, after the local currency became virtually useless due to runaway inflation.
“They [China] said they are cancelling our debts that are maturing this year and we are in the process of finalizing the debt instruments and calculating the debts,” Finance Minister Patrick Chinamasa said, according to Reuters.
He also added that the use of the yuan “will be a function of trade between China and Zimbabwe and acceptability with customers in Zimbabwe”
“There cannot be a better time to do this. It is now about looking at the modalities, specific sectors and how it can be done”
The yuan was added to the acceptable currencies in Zimbabwe last year, but with the cancellation to the debt facility, more conscious moves would be taken to increase its use.
This post was published on December 22, 2015 7:11 PM
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