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Chinese Yuan as Zimbabwe’s Currency: Govt Rebuts
10:00 CAT | 26 Jan 2016
In file Club of Mozambique
The Reserve Bank of Zimbabwe has denied the introduction of the Chinese Yuan as the settlement currency in Zimbabwe in 2016.
The RBZ through the state media said it wants to “set the record straight” on the use of the Yuan saying it is only part of the large pool of several other trading currencies while the United States dollar will remain the country’s settlement currency.
The development on the adoption of the Yuan as a trading currency comes after reports within the market that the country will adopt Yuan as a settlement currency.
The denial comes as the subject became common talk on media platforms with pro ZANU PF analysts defending the adoption as vital for economic progress and even President Robert Mugabe’s being vocal on it at the end of last year saying, “the acceptance of the yuan into the world currency basket should offer (a) new possibility for us as from next year.”
Source: Zim Eye
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