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Finance officials discuss use of Chinese yuan as reserve currency for Africa

Section: Daily Dispatches

From Xinhua News Agency, Beijing
Tuesday, May 29, 2018

HARARE, Zimbabwe -- The Chinese yuan comes under the spotlight today and Wednesday when 17 top central bank and government officials from 14 countries in eastern and southern Africa meet here to discuss its possible use as a reserve currency for the region.

In a statement to Xinhua on Monday, a spokesperson for the Macroeconomic and Financial Management Institute of Eastern and Southern Africa, Gladys Siwela-Jadagu, said the event would be attended by deputy permanent secretaries and deputy central bank governors.

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Officials from the African Development Bank and an investments management organization will also attend the forum, bringing together the policy makers and experts in reserves management to strategize on the weakening external positions of most member countries, following the global economy slowdown, she said.

The theme for the forum is "Trends in Sovereign Reserve Management." ...

"Most countries in the region have loans or grants from China and it would make economic sense to repay in renminbi. This is the reason why it is critical for policy makers to strategize on progress that the continent has made to embrace the Chinese yuan, which has become what may be termed 'common currency' in trade with Africa." ...

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