The country’s finance minister has announced the plan to adopt the Chinese yuan as legal tender in return for debt cancellation worth about $40m.
News from Al Jazeera (Doha)
Zimbabwe plans to adopt the Chinese yuan as legal tender in return for debt cancellation worth about $40m – a move one economist predicted “has no future at all”.
China has become the largest investor in Zimbabwe, which has been shunned by the West over its human rights record and is struggling to emerge from a deep 1999-2008 recession that forced the government to ditch its own currency in 2009.
Zimbabwe’s Finance Minister Patrick Chinamasa announced the plan in a statement on Monday and said the use of the yuan “will be a function of trade between China and Zimbabwe and acceptability with customers in Zimbabwe”.
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