Zimbabwe decides to use the Chinese Yuan as its main currency

Zimbabwe announced last week that it will begin using the yuan as the main currency for use in the country. China, at its end decided to cancel Zimbabwe’s $40m debts. Finance Minister Patrick Chinamasa stated, “They [China] said they are cancelling our debts that are maturing this year and we are in the process of finalising the debt instruments and calculating the debts”. Chinamasa said also added that the use of the yuan “will be a function of trade between China and Zimbabwe and acceptability with customers in Zimbabwe”.