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

Hopefully it will be better than the Zimbabwean dollar. Imagine using one billion dollars to buy a loaf of bread. Only in Zimbabwe

okk

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

Zimbabwe has finally been sold.

The country is now in the second round of slavery, now financial.

Good call


Those ridiculous Zimbabwean dollar amount will be no more

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!!!

great

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

Interesting

Hope our body language economy will not get to this stage. because the way the naira is losing matches it will soon enter relegation.

Sino-Colonization of Africa?

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!

Slavery

When will African countries stop been slaves mentally

hahaha black Africans visit my signature

Ok

.

Yet People will be listening to Mugabe like the old fool has anything worthwhile to say.

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.

lol

.

OK

dominique:
Hopefully it will be better than the Zimbabwean dollar. Imagine using one billion dollars to buy a loaf of bread. Only in Zimbabwe

that's wicked!!!

How much will u now pay if you are buying a house? Or a Car?

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.

America and Britain won't like this

- what is greenback?
- what is debt recalculation

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.

Wise decision from dinasour Mugabe

ohhh boy eeeee

Things fall apart...........a country with the most educated president in the world!!!.........africa'a problem is no longer physical