“The Bank of Zambia confirmed that payments in renminbi began in October, marking a significant shift in how Africa’s second-largest copper producer manages its mining revenues.”
” ‘A large portion of copper exports go to China and the Chinese mining firms already receive some, if not all, of their payments for their exports to China in renminbi,’ the Bank of Zambia said.”
“Zambia’s move comes as Africa becomes a testing ground for China’s long-running push to internationalize the yuan.”
“Business Insider Africa reported in October that Kenya converted part of its Chinese debt into yuan, a move aimed at easing pressure on its debt-stretched finances.”
“The country expects to save about $250 million a year after restructuring its $5 billion railway loan from the Export-Import Bank of China into yuan-denominated debt.”
“Ethiopia has begun talks to do the same, and Zambia itself has said it would consider following suit.”