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> 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 canc
by 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.