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Mozambique weighs swapping dollar debt for yuan debt
By Tavares Cebola
Bloomberg News
Tuesday, May 5, 2026
Mozambique is considering converting the $1.4 billion it owes China into renminbi loans as part of a debt restructuring with its biggest bilateral creditor, in line with similar moves by other African sovereign borrowers.
"This is usually a possibility that the cooperation partner raises," the finance ministry said in response to questions at the weekend. "In this specific case, it was a valid possibility that was put on the table."
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Mozambique is facing a worsening liquidity crunch. The International Monetary Fund and World Bank warned in recent weeks that the government's debt was unsustainable, with growing payment arrears. Fitch Ratings last month cut its assessment of the nation’s creditworthiness, saying a default was probable.
Moving dollar debt into yuan would be the latest African example of China's efforts to internationalize its currency and make inroads into the dollar's dominance. ...
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