African Banks Consider Chinese Yuan, But Risks Loom
More than a dozen African countries have been weighing the merits of adding the Chinese yuan to their mix of foreign reserves, discussing the idea at a gathering of officials last month in Harare, Zimbabwe. Adopting the yuan, also known as the renminbi, or RMB, would make it easier for African countries to pay back […]
Chinese Yuan to Become Reserve Currency of Lesotho?
LESOTHO is among 14 eastern and southern African countries that are considering the adoption of the Chinese yuan as a reserve currency to facilitate the repayment of loans being advanced by the Asian economic giant for infrastructural developments. A team of Central Bank of Lesotho (CBL) officials recently joined their eastern and southern African counterparts […]