Economist urges Africa to adopt Chinese Yuan as reserve currency

[beijingwalker]

Economist urges Africa to adopt Chinese Yuan as reserve currency
Published November 20, 2019
African countries should hasten the adoption of the Chinese legal tender — yuan — as a reserve currency amid increased bilateral trade with China, a Kenyan economist said.

Bernard Ayieko, a Nairobi-based economist said in a commentary published by the Business Daily newspaper that the adoption of the yuan would boost the ability of African countries to attract new investments and trade favourably at the global market.

“The Chinese growing influence and the increase in Sino-Africa relations have brought to the fore a debate on the African countries’ need to adopt the renminbi as a currency reserve,” Ayieko added.

He said that the internalisation of yuan, or renminbi, would boost globalisation and foreign trade that Africa could leverage to propel growth.

“The call to internationalise the renminbi continues to reverberate across the world

“African countries are mulling the need to use the renminbi as a reserve currency and a medium of exchange in international settlements,” Ayieko said.

The internationalisation of yuan reached a milestone in 2016 when it joined the International Monetary Fund basket of reserve currencies alongside the U.S. dollar, the Euro, Japanese Yen and the British Pound.

“Premised on the increased trade, loans and grants to Africa from China, there has been incessant debate in Africa that time is nigh for African countries to adopt the yuan as a reserve currency.

“The growing China-Africa trade has increased the yuan’s convertibility in settling financial transactions between countries.

“By adopting the yuan as a reserve currency, African countries will trade smoothly at both bilateral and multilateral levels because it will be easier to make international transactions between many countries that require diverse currencies for financial settlements,” Ayieko said.

https://punchng.com/economist-urges-africa-to-adopt-chinese-yuan-as-reserve-currency/

 

[W.11]

Africa should aim to develop its own infrastructure and attract investment from global investors which will be a healthy competition but african govts are very inept and corrupt, handing too much authority to commie china will pave way for future exploitation. entire continent will be run from beijing instead just like colonial period

regards

 

[Beast]

US going to bring democracy to any African countries using Yuan as reserve.

 

[beijingwalker]

Africa should aim to develop its own infrastructure and attract investment from global investors which will be a healthy competition

That's what the west failed to do in their centuries old colonization of Africa, and China is bringing hopes and vitality to this region now.

 

[Uguduwa]

Colonisation v2.0

 

[Oublious]

US going to bring democracy to any African countries using Yuan as reserve.

And china brings capatalizm and sucking africa dry.

 

[Beast]

And china brings capatalizm and sucking africa dry.

China is saver for African. People who complain are just sourgraped.

 

[cloud4000]

China is saver for African. People who complain are just sourgraped.

This is what the British said when they colonized half the planet: to save the savages, both in body and soul.

 

[beijingwalker]

This is what the British said when they colonized half the planet: to save the savages, both in body and soul.

British colonized Africa and sold Africans to slavery, China bring much needed funds and infrastructure in Africa and for the first time in the history, Africa becomes land of opportunities and hopes.

 

[Beast]

This is what the British said when they colonized half the planet: to save the savages, both in body and soul.

British slave the African and treat them like animals. Did the Chinese do that? You are side tracking and talking rubbish. Maybe due to decades of colonization effect.

 

[AViet]

This is what the British said when they colonized half the planet: to save the savages, both in body and soul.

Chinese philosophy is much different from Western one. That was one of the reasons why they did not conquer the world in 14 century, albeit with the world's strongest navy in hand.

 

[libertad]

Swap one manipulated currency for another.

 

[W.11]

Chinese philosophy is much different from Western one. That was one of the reasons why they did not conquer the world in 14 century, albeit with the world's strongest navy in hand.

this delusional claim is the same as other nationalistic claims of 5000 year chinese history, and now 14 centuries as world's strongest navy.

The military use of navy esp in the indian ocean didn't happen until very late after 2nd mil AD esp after colonization.

regards

 

[AViet]

this delusional claim is the same as other nationalistic claims of 5000 year chinese history, and now 14 centuries as world's strongest navy.

The military use of navy esp in the indian ocean didn't happen until very late after 2nd mil AD esp after colonization.

regards

Not be myself, and not by the Chinese nationalistists. It comes from professional historians.

 

[W.11]

Not be myself, and not by the Chinese nationalistists. It comes from professional historians.

which historian, quote me his statement of 14 centuries of world naval domination please.

regards