China’s yuan gets support from Africa central banks to replace US dollar reserve — Quartz


African central bank leaders are currently discussing whether to hold the yuan as part of their foreign reserves, highlighting the Chinese money’s rise as one of the world’s major reserve currencies.

Government officials from 14 African nations in eastern and southern Africa are meeting today (May 29) in the Zimbabwean capital Harare to discuss sovereign reserve management, according to a report from the official China press agency Xinhua. The forum is being held by the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), a regional establishment with members including Angola, Kenya, Tanzania, Zambia, and Tanzania. Besides strategizing on how to improve the weakened external positions of member nations during the global economic downturn,…

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