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Zimbabwe to expand use of yuan as China cancels $40 mn debt – Yahoo News

Zimbabwe said Monday that China plans to cancel $40 million in debts as the southern African country seeks to expand use of the yuan in its multi-currency economy. “They (China) said they are cancelling our debts that are maturing this year and we are in the process of finalising the debt instruments and calculating the debts,” Minister Patrick Chinamasa said in a statement. Chinamasa also announced that Zimbabwe will officially make the Chinese yuan legal tender as it seeks to increase trade with Beijing.

Source: Zimbabwe to expand use of yuan as China cancels $40 mn debt – Yahoo News

 

LessThunk: The rise of the yuan continues; Zimbabwe will make the yuan legal tender.


Categorised as: interesting

Posted by: Kramer

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