HARARE - After the unabated plunge of the South African rand, which Zimbabwe had officially inherited as part of its multi currency regime,...
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HARARE - After the unabated plunge of the South African rand, which Zimbabwe had officially inherited as part of its multi currency regime, the country will soon be shifting to the Chinese yuan aka renminbi.
Among other currencies adopted by Harare in 2014 including the Botswana Pula, Mozambican metical and Euro among others. According to the finance minister Patrick Chinamasa, speaking to a local weekly, the government is negotiating with China."Reserve Bank of Zimbabwe Governer Dr John Mangudya has opened negotiations with the People's Bank of China to see wether we can enhance the RMB's use here.
The discussions are underway as we speak. The decision we are taking has also been inspired by the international developments where the IMF has adopted the Chinese currency in its basket of reserve currencies."
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| Chinese Yuan Currency Coming To Zimbabwe Soon |
Government pronouncement dawns after Chinese President's recent visit to Harare. Trade between the two states dates back to the war of liberation when China propped Harare against England.
Currently, Bejing is fanancing multiple projects in Harare ranging from power generation to road construction.
The RBZ Governer confirmed this setup.
"... we are having talks as the Resrve Bank of Zimbabwe and People's Bank of China and are investigating how best to promote ussage of the RMB here. One of of the ways to do so is the via a Yuan Bond.
China, the biggest consumer in the world with trillions in currecny reserves is shifting investment focus towards Africa. Bejing has dedicated US $60 billion towards assiting deserving African economies including Harare. - The Sunday Mail/The Aloe News
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