INTERNATIONAL: Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts

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INTERNATIONAL: Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts

3254GUARDIAN (UK) – Zimbabwe has announced that it will make the Chinese yuan legal tender after Beijing confirmed it would cancel $40m in debts.

“They [China] said they are cancelling our debts that are maturing this year and we are in the process of finalising the debt instruments and calculating the debts,” minister Patrick Chinamasa said in a statement.

Chinamasa also announced that Zimbabwe will officially make the Chinese yuan legal tender as it seeks to increase trade with Beijing.

Zimbabwe abandoned its own dollar in 2009 after hyperinflation, which had peaked at around 500bn%, rendered it unusable.

It then started using a slew of foreign currencies, including the US dollar and the South African rand.

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  1. China is creating a new frontier in Africa.
    What is their end game? Does China want access to more illegal ivory and tiger bones? Or does it want to tap into Africa's abundant supply of precious metals?

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