China-Africa ties: calls for yuan adoption

TRADE MATTERS

- LOYISO SIDIMBA [e-mail]

THE Global South Media and Think Tank Forum’s China-Africa partnership conference yesterday heard calls for trade between the continent and the Asian country to be conducted using its currency, the yuan.

Zimbabwe Now managing partner Monica Mpambawashe told delegates at the two-day conference held in Johannesburg that there were already a few countries that were on track to do so.

“Currently, most of our trade is in US dollar denominations, and this is a burden on the people, and there are also a few left out. We need to advocate for trade that is direct between the African countries.

“I think Ethiopia, Mozambique, and Tanzania are already making strides in converting. Kenya, as well, I believe, is converting their debts to China into yuan,” she said.

According to Mpambawashe, her own country, Zimbabwe, was among the few around the world who have a trade surplus with China despite issues about the widening trade deficits between Africa and China.