– Zambia is the first African nation to allow Chinese mining firms to pay taxes in yuan, a move that could be replicated across the continent.
– This initiative is part of China’s broader strategy to internationalise the yuan, reduce reliance on the US dollar, and strengthen its economic influence in Africa.
– While the yuan’s global reserve currency share remains small, its increasing use in Africa offers benefits to both China and African nations, including insulation from US policy shocks.
