Zambia’s Yuan Move: How China’s Currency Is Reshaping Africa’s Mining Power | Firstpost Africa

Zambia has become the first African nation to accept China’s currency, the yuan, for mining tax payments a landmark move highlighting Beijing’s growing financial influence in Africa’s resource sector. As Africa’s second-largest copper producer, Zambia’s decision reflects its deep trade and debt ties with China, its biggest copper buyer and creditor. Officials say using the yuan could reduce debt-servicing costs by avoiding dollar conversion fees. The shift also aligns with China’s broader push to internationalise its currency, with Kenya and Ethiopia exploring similar arrangements. Zambia’s move may signal a turning point in global finance and African economic strategy. 

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