[miningmx.com] – ZIMBABWE is to adopt the Chinese Yuan as legal tender after the southern African country had some $40m in debt cancelled, according Patrick Chinamasa, Zimbabwe’s finance minister in a report by Reuters.
Chinamasa said they were negotiating the final amount of debt to be cancelled. “They (China) said they are cancelling our debts that are maturing this year. Right now, preliminarily, we are coming up with a figure of $40m,” said Chinamasa.
Chinamasa said Zimbabwe planned to increase local use of the yuan after the central bank last year added the Chinese currency to a basket of currencies used in Zimbabwe that includes the US dollar, British sterling and the South African rand.
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