China's Yuan Becomes Official Currency Of Zimbabwe After China Canceled Its Debts

(m) at 22-12-2015 08:45PM (4 years ago)

(18334 | Hero) Online



Zimbabwe has announced that it will make the Chinese yuan legal tender after Beijing confirmed it would cancel $40m in debts.
“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.

Zimbabwe abandoned its own dollar in 2009 after hyperinflation, which had peaked at around 500bn%, rendered it unusable.

It then started using a slew of foreign currencies, including the US dollar and the South African rand.

The yuan was later added to the basket of the foreign currencies, but its use had not been approved yet for public transactions in the market dominated by the greenback.

Use of the yuan “will be a function of trade between China and Zimbabwe and acceptability with customers in Zimbabwe,” the minister said.

Zimbabwe’s central bank chief John Mangudya was in negotiations with the People’s Bank of China “to see whether we can enhance its usage here,” said Chinamasa.

China is Zimbabwe’s biggest trading partner following Zimbabwe’s isolation by its former western trading partners over Harare’s human rights record.

In reaction veteran president Robert Mugabe adopted a “look East policy”, forging new alliances with eastern Asian countries and buttressing existing ones.

In early December, Chinese president Xi Jinping stopped over in Zimbabwe in a rare trip by a world leader to the country, and presided over the signing of various agreements, mainly to upgrade and rebuild Zimbabwe’s infrastructure such as power stations.



gogoman (m) at 22-12-2015 09:26PM
(31814 | Addicted Hero)

MUgabe which way na
Reply
kp45 (m) at 22-12-2015 09:28PM
(10363 | Hero)

Noted
Reply
Novic (m) at 22-12-2015 10:04PM
(15342 | Hero)

I dnt knw how this man they think sha, how you go use sum1 that was not origin of your country into ur currency. seriously this madness
Reply
names (m) at 22-12-2015 10:15PM
(102 | Upcoming)

Africa leaders with their stupidity
Reply
osarobo62 (m) at 22-12-2015 10:44PM
(11725 | Hero)

$40m wey no reach dasuki divide for one night.
Reply
youngrashy (m) at 22-12-2015 11:11PM
(3035 | Gistmaniac)

Na our polithiefcians chop money be dat na
Reply
maxzy277 (m) at 22-12-2015 11:44PM
(3503 | Gistmaniac)

Muwon leru part 2.
Reply
habiziz (m) at 23-12-2015 04:14AM
(503 | Upcoming)

lol..
Reply
winace (f) at 23-12-2015 05:27AM
(30152 | Addicted Hero)

Quote from: Sunday Maxwell on 22-12-2015 11:44PM
Muwon leru part 2.
.   Gbam u have said it all
Reply
winace (f) at 23-12-2015 05:33AM
(30152 | Addicted Hero)

So na  be cuss of 40million u sell ur  country to chinco wit all mouth wey u dey make. Hmmmmm African leaders wit money. Na wa o
Reply
owolaborn (m) at 23-12-2015 05:58AM
(440 | Upcoming)

great move
Reply
DJSNIPPER (m) at 23-12-2015 10:18AM
(3595 | Gistmaniac)

70pcnt of RMB IN ZIMBABWE will be counter feet
Reply
diezo (m) at 23-12-2015 05:40PM
(2135 | Gistmaniac)

WETIN U EXPECT FROM AFRICAN LEADERS WEY WHO NEVER TURN GRANDFATHER NO DEY RULE DAT TIME WEY D BRAIN DON TURN WATER NA DAT TIME DEM WAN RULE COME DEY FOOL DEM SELVES DEY FOLLOW THEIR CHILDREN MATE FOR YANSH LIKE MUMU, SAKE OF SAY DEM BE LEADERS ABEG COMOT ROAD MAKE I ENTER KEKE COMOT HERE RUBBISH!!!!!!!!!!!!!!!!!!!!! يراقب الله !!!
Reply
botlex (m) at 23-12-2015 08:09PM
(2555 | Gistmaniac)

Just c African leaders and their thinking. Tomorrow u will still adopt a Chinese president. I just c dis as modern day slavery
Reply
Oworen25 (m) at 23-12-2015 10:10PM
(12234 | Hero)

If this idea wouldn't disturb his country policy or economy there is nothing wrong with that or must it be dollar or pounds before it good. There are other currencies that are better.
Reply
okatee (m) at 26-12-2015 11:22PM
(7638 | Hero)

lolzzz chinese don wash mugabe brain bcus he don old. retire he no gree. mumu President
Reply
Mopera (m) at 28-12-2015 07:36PM
(1590 | Gistmaniac)

 dnt knw how this man they think
sha, how you go use sum1 that
was not origin of your country into
ur currency. seriously this
madness
Reply