Chinese yuan in African Banks
China, the biggest trading partner with Africa. Trading with over 130 African countries.
With China’s currency gaining traction, certain African countries are considering the possibility of using the yuan in national reserves.
Adopting the yuan, also known as the renminbi, or RMB, would make it easier for African countries to pay back loans to China.
The concern is, adopting the yuan could add to perceptions that Africa’s emerging economies have become too reliant on China.
If the move goes ahead, what does this mean for Namibia?
Rowland Brown, Namibian Economist and co-founder of CIRRUS Capital explains: