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Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts
- bko 11y ago> Zimbabwe has announced that it will make the Chinese yuan legal tender after Beijing confirmed it would cancel $40m in debts. I'm surprised it only took cancelling $40m of debt to have Zimbabwe to make the Yuan a legal currency in their country. China seems to have been buying a lot of influence in the continent through loans and building out infrastructure. Not sure if that's a good thing or not, but considering that sanctions have failed to lead to much reform, I am leaning towards good.
- pzone 11y agoIt's only adding the yuan to a slew of other officially accepted currencies. The yuan is one of the most important world currencies anyway, and Zimbabwe does plenty of business with China already. Anything to help steer Zimbabwe's economy out of its current nightmare scenario is a good thing.
- kaonashi 11y agoAnd China gets a new colony.
- kushti 11y ago"US gets a new ally" , "China gets a new colony" ?
- ferentchak 11y agoProbably an accurate statement. My understanding is the Chinese method of resource aquisition is to ship skilled Chinese workers over to extract them whereas the States tend to send over money and let it work itself out.
- gscott 11y agoThere are a number of articles on this where not only are Chinese doing the construction labor in African countries but encouraging citizens over to start businesses.