Higher RMB uti­liza­tion ex­pected in Africa

China Daily (USA) - - BUSINESS -

With China’s fi­nan­cial co­op­er­a­tion with African coun­tries go­ing from strength to strength, there has been a rapid rise in the amount of trans­ac­tions de­nom­i­nated in the Chi­nese cur­rency, the yuan. The trend is ex­pected to pickup mo­men­tum fol­low­ing the yuan’s re­cent in­clu­sion in the elite global re­serve cur­rency club. China has long hoped to see a rapid use of the yuan in Africa, com­men­su­rate to the im­por­tance it at­taches to its eco­nomic and po­lit­i­cal co­op­er­a­tion with the con­ti­nent. Eco­nomic trends in Eastern and South­ern Africa show this wish is ma­te­ri­al­iz­ing, ev­i­denced by the grow­ing de­mand and ac­cep­tance of the Chi­nese cur­rency.

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