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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt (33575 Views)
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Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by TheGreenDay: 12:57pm On Dec 22, 2015 |
Zimbabwe has announced that it will make the Chinese yuan legal tender after Beijing confirmed it would cancel $40m in debts. “They (China) said they are cancelling our debts that are maturing this year and we are in the process of finalising the debt instruments and calculating the debts,” minister Patrick Chinamasa said in a statement. Chinamasa also announced that Zimbabwe will officially make the Chinese yuan legal tender as it seeks to increase trade with Beijing. Zimbabwe abandoned its own dollar in 2009 after hyperinflation, which had peaked at around 500bn%, rendered it unusable. It then started using a slew of foreign currencies, including the US dollar and the South African rand. The yuan was later added to the basket of the foreign currencies, but its use had not been approved yet for public transactions in the market dominated by the greenback. http://metropolexpress.com/business/item/5656-zimbabwe-adopts-chinese-yuan-as-official-currency-in-exchange-for-40m-debt-relief 5 Likes 1 Share
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Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by dominique(f): 1:07pm On Dec 22, 2015 |
Hopefully it will be better than the Zimbabwean dollar. Imagine using one billion dollars to buy a loaf of bread. Only in Zimbabwe 93 Likes 5 Shares |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by MeesterMAN: 1:08pm On Dec 22, 2015 |
okk 1 Like 1 Share |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Rexphobia(m): 1:09pm On Dec 22, 2015 |
I will write something sensible in a bit. colonization and Neocolonialism Loading....Like if you agree with me.....(Make me sef us style beg for likes) ![]() But for the meanwhile, when are we going to exchange Naira for ECOWAS currency abi na US dey do go. Finally, $1 can be equal to N1 44 Likes 2 Shares |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Ijaya123: 1:10pm On Dec 22, 2015 |
Zimbabwe has finally been sold. The country is now in the second round of slavery, now financial. 90 Likes 4 Shares |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Ishopbest: 1:10pm On Dec 22, 2015 |
Good call Those ridiculous Zimbabwean dollar amount will be no more ![]() ![]() ![]() ![]() 6 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by DICKtator: 1:10pm On Dec 22, 2015 |
While this is a subjective albeit good move by an Africa-for-African Mugabe, I find it funny that he had to seek the help of Asians (who are the new colonists) to help him mitigate the indirect effects of the Western powers in his country He would soon adopt the Rouble too to further establish an Eastern relationship!!! ![]() ![]() ![]() ![]() 14 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Holyman3(m): 1:10pm On Dec 22, 2015 |
great 1 Like 1 Share |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by tyrannasty: 1:10pm On Dec 22, 2015 |
Financial experts, economists, What are the implications of this? One thing I'm sure of is they're gonna exploit that country. These asians ain't loyal 47 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by cold(m): 1:10pm On Dec 22, 2015 |
Interesting 1 Like |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by ganja06(m): 1:11pm On Dec 22, 2015 |
Hope our body language economy will not get to this stage. because the way the naira is losing matches it will soon enter relegation. 43 Likes 2 Shares |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by TetralixTech: 1:11pm On Dec 22, 2015 |
Sino-Colonization of Africa? 3 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by koboko69: 1:11pm On Dec 22, 2015 |
Because of ordinary 40million dollars. When Jonathan, Dansuki and friends shared 2.1 billion dollars within themselves.... Na the one we still know ooo. Nigeria is a f**king rich country..... Just that PDP looted it dry! 151 Likes 8 Shares |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by iceberylin(m): 1:11pm On Dec 22, 2015 |
Slavery ![]() 4 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by tpraiz(m): 1:11pm On Dec 22, 2015 |
When will African countries stop been slaves mentally ![]() 5 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by ragiluhivo(m): 1:11pm On Dec 22, 2015 |
hahaha black Africans visit my signature |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Nobody: 1:11pm On Dec 22, 2015 |
Ok |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Nobody: 1:11pm On Dec 22, 2015 |
. 7 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by khalhokage(m): 1:11pm On Dec 22, 2015 |
Yet People will be listening to Mugabe like the old fool has anything worthwhile to say. 6 Likes 2 Shares |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by oyetunder(m): 1:12pm On Dec 22, 2015 |
They kept blaming colonial masters...now they are willingly selling themselves to the chinese who never once came to africa to snatch slaves. Mugabe the mungambo since inception has been the Ebola of his country...a monkey who only became a baboon despite having the best education in abroad. He has more than that 'enslavement amount' in his bank account for sure. He took the loan, ate the loan and now sold his country for it. Even in his old age, he remains a case study in the arena of stupidity. Chinese currency won't save his country...he has to go! But I pray death would allow him to pay for his sins before going to his miserable grave like others before him. 29 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by chrislong(m): 1:12pm On Dec 22, 2015 |
lol |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Ebiniz(m): 1:12pm On Dec 22, 2015 |
. |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Oblitz(m): 1:12pm On Dec 22, 2015 |
OK |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by seunny4lif(m): 1:13pm On Dec 22, 2015 |
dominique:Everybody na billionaire like Bill Gates ![]() ![]() Aliko Dangote self respect them for dat country becos dem get money like him and all of them na billionaire not thousandaire like Nigerians 17 Likes 2 Shares |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by osaslord500(m): 1:13pm On Dec 22, 2015 |
![]() 1 Like |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by niggi4life(m): 1:13pm On Dec 22, 2015 |
dominique: ![]() How much will u now pay if you are buying a house? Or a Car? ![]() 6 Likes 1 Share |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by MinorityTribe: 1:13pm On Dec 22, 2015 |
Nice! I love this! The US petrol dollars is a scam! Iraq plans to sell her oil in Euro currency only and in a swift moment the country was invaded by the US on pretense of Weapons of mass destruction. Soon they will find a stvpid reason to go to war with China once the world start adopting their currency as the official legal tender. All the US have is their dollar, Take it out and watch the country collapse like T.B Joshua building. The US and Saudi Arabia should just keep joking with oil price per barrel, E go do una like film trick when oil producing country drop that useless dollar for another currency. 48 Likes 2 Shares |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Nobody: 1:13pm On Dec 22, 2015 |
America and Britain won't like this - what is greenback? - what is debt recalculation 3 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by ZUBY77(m): 1:13pm On Dec 22, 2015 |
Why are countries using US Dollars as legal tender? Is there any supreme justification to that? It is the rule they created by themselves when they were the highest oil buyers. Now Chinese has taken over that mantle. Chinese produce half of what Zimbabwe buys and uses. Same with most African countries. You produce oil and USA determine the price and trading currency, how do you think your oil will sustain you when they occasionally threaten to stop buying at the price you want? What exactly do you think caused the Libyan invasion? What did Ghadafi do? I have said it that Africa should swallow their black useless pride and look up to Asia. Europe and United States developed long ago and while sitting up there, they make rules that suppress emerging countries. They have reached their economic limit and the only way to maintain it and remain up there is to make economic rules that crush emerging countries. They manufacture things and ship them to you. You manufacture yours, they call it substandard and stop you from discussing it at all at the World Trade Organisation. What exactly is the standard? Why would their own be the measurement for standard? Why not call our own the Standard and call their own over-standard? That way, we can buy our things with mental relaxation since we are poor, instead of saving up N20,000 to buy one pair of shoe in a country where minimum wage is 18,000. Then when Chinese came to help us out, they tagged their products substandard again. Who cares? All my shoes are Chinese. All my clothes are Chinese. In fact, I left Europe and I live in China now. It is simple, as an individual, I know what is good for me, I don't do things to please your fvcking eyes. You can say whatever you want. I live my life one step at a time. We can never jump from Africa to USA level. It will take us a million years. The logical way is to follow the routes of Countries like China who are closest to us in terms of needs. How many Africans are members of WTO? Zero. Only hardliners such as China, Iran and co are able to wriggle themselves out of the grip of Europe and USA. Africa needs to start doing the same. Stop looking up to America, it's common sense that Dangote or Adenuga will never give you an idea that will make you get richer than them or make you as rich as they are. In our useless badly configured mind, we mock our locally made products and promote Made in USA or UK items. We mock our religion and embraced the one Europeans imported to us. We abandoned the development of our social and economic system only to embrace that of the west. We are totally not doing anything for ourselves. When things are not working for you, it's logical that you try something else. 112 Likes 34 Shares |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by Descartes: 1:13pm On Dec 22, 2015 |
Wise decision from dinasour Mugabe 2 Likes |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by kennyman2000(m): 1:13pm On Dec 22, 2015 |
ohhh boy eeeee |
Re: Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt by olaboy33(m): 1:13pm On Dec 22, 2015 |
Things fall apart...........a country with the most educated president in the world!!!.........africa'a problem is no longer physical 7 Likes |
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