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Zimbabwe to Make Chinese Yuan Legal Currency After Beijing Cancels $40 Million Debt

BellaNaija.com

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Mugabe in China

Zimbabwe has announced that the country is making plans to make the Chinese Yuan legal tender after Beijing confirmed it would cancel $40 million in debts, Guardian UK reports.

One of the country’s ministers, Patrick Chinamasa, confirmed the news, stating, “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 is also said to have announced that Zimbabwe will officially make the Chinese yuan legal tender as it seeks to increase trade with Beijing.

The report further provides deeper insight into Zimbabwe’s currency woes, and the country’s ‘love affair’ with China:

  • Zimbabwe abandoned its own dollar in 2009 after hyperinflation, which had peaked at around 500 billion percent, rendered it unusable
  • It then started using a slew of foreign currencies, including the US dollar and the South African rand
  • The yuan was later added to the basket of the foreign currencies, but its use had not been approved yet for public transactions in the market dominated by the greenback
  • China is Zimbabwe’s biggest trading partner following Zimbabwe’s isolation by its former western trading partners over Harare’s human rights record

Photo Credit: Guardian UK/Huang Jingwen/Xinhua Press

26 Comments

  1. June

    December 22, 2015 at 1:20 pm

    MUGABEE HAS LOST IT! Whatttt ???? Hmmmm! History is repeating itself . Watch . Foreigners are taking over our land and we can’t even see it. I am so disappointed . You have held on to power for this long only to be a sell out ! Smh

    • whocares

      December 22, 2015 at 1:52 pm

      Foreigners taking over our land is the only part of your comment I do not agree with- as if the foreigners are deceiving us or have manipulated their way into anything (in this instance) . erm, did foreigners ruin the damned country with the corruption and the inability to have the right people do the job as opposed to putting ignorant people with archaic ideas out for themselves? who else has the money in Africa and isnt too busy looting their nation to lend a hand? No I am not in support of this at all, but let us be real here. Its a dog eat dog world. If Mugabe and the leaders in Zimbabwe continue being stupid, this is the outcome. Neo colonialism is real I agree, it is frustrating to watch African leaders in action and we can see it! however, we do not have anyone to blame but ourselves. We are ruining ourselves! Oh you expect the “foreigners” to be altruistic and explain to Zimbabwe how to turn their economy around out of the goodness of their heart? (in an ideal world, yes,.. but this is the best of all possible worlds and it will never happen). Even if they did, you think the right people with the right ideas will be put at the helm to lead? Not until people open their eyes and stop letting silly sentimental things blind them to the flaws of their leaders and stop…. (anyways how is not the time for the talk and the soap box I was about to jump on. but we all know where the rest of my epistle was leading to sha)
      Everyone is so quick to blame foreigners and adapt the “us vs them” outlook yet refuse to remark our own flaws or somehow diminish our culpability in the chain of events (channelling the senator here. lool.) . Somehow, we always end up being the victims. Mugabe is the worst thing that ever happened to that country and I agree with you. He is a disappointment..

    • Hashemst

      December 22, 2015 at 6:34 pm

      Justify your comments my dear ?!

    • Damilola

      December 22, 2015 at 9:29 pm

      This is the continuation of imperialism and colonization.

  2. whocares

    December 22, 2015 at 1:39 pm

    Maybe I am slightly uneducated at this point.. is the Yuan to join the other foreign currencies, or is it to be the only medium of payment “legal tender”? This is sad. Yet Mugabe be fighting against homos as if they are the ones running the damned country to the ground, and people will be blind sided by that show of ignorance screaming “go president”- continue. On ba yin lo. (just had to rant indulge me abeg)
    Now to pertinent questions:
    -40 million debts? kindly point to the infrastructures these monies went towards building/ maintaining..
    – trading partner.. should you even be? looking “east or west or north?”
    – explain the situation with the other foreign currencies?
    – what is the plan and this agreement with China that was signed and why is it not available for enquiring minds?

    A mini suggestion, Mugabe fire your legal and accounting team. It is possible to negotiate debt better without this outcome #justaskGreece.

  3. Truth

    December 22, 2015 at 1:49 pm

    China. Is colonizing us. I how Nigeria will not fall to this level.

    • Truth

      December 22, 2015 at 1:50 pm

      *China is colonizing us, I hope Nigeria will not fall to this level*

    • Shandi

      December 22, 2015 at 3:28 pm

      How will Nigeria fall to that level? How will any sane person compare Nigeria and Zimvabwe? SA, Ghana, Nigeria, you don’t compare these countries with Zimbabwe. No matter the state of their economies.

    • Damilola

      December 22, 2015 at 9:33 pm

      @Truth

      Whether Nigeria falls to this level or not is irrelevant. The level that Nigeria is in, is at the worst. You might as well have Chinese or British colonize nigerian again bcos there’s not much growth since independence.
      Don’t underestimate other African countries, few of them are doing better in many areas. I’m not talking about entertainment and fashion now.

    • Hashemst

      December 22, 2015 at 6:38 pm

      Chineese are not whites you biggot. They are strong allies. We can work with them. And this act should also be interpreted as generosity!

  4. Las

    December 22, 2015 at 3:02 pm

    Just 40 million USD???! Haba! Why didn’t he come to Nigeria? We would have given him that money easily. Infact an individual in Nigeria could have paid off their debt. Na wa o. I am very sure other African countries will follow.

    • Beach

      December 22, 2015 at 5:32 pm

      Yes @ Las, countries like Ethiopia, Tanzania and Kenya will be more than happy to bend over and take it up the arse from the Chinese. Tsk tsk.

    • Hashemst

      December 22, 2015 at 6:42 pm

      Why do u say such things, East AFRICA is a big trading patner of china. And c’mon isn’t that ‘whitenicious biatch’ calls Herself Dencia that’s going around public Tv screaming “white is pure” a Nigerian.

    • Damilola

      December 23, 2015 at 2:55 am

      Ethiopia has the best airline. The great country that fought against colonization. Big ups to Haile Selassie. Kenya is fast becoming the best technology African country. Tanzania has been known for business development. These countries are working in collaboration. Only an ignorant Nigerian will underestimate the effort coming out of East Africa. Just bcos there’s no shouting about it like naijas doesn’t mean you should underestimate. It’s a lot going on outside of your little bubble.

    • Hashemst

      December 22, 2015 at 6:40 pm

      Hey be cool nigga. The chineese are our friends.

  5. The Real.

    December 22, 2015 at 3:03 pm

    @truth, when you use a name like Truth, (which is actually a Person and not just a noun) please be careful to ensure that what you say and do is nothing but an accurate representation/reflection of that Identity. Since you expressed a “hope” for Nigeria, the inference is that you are Nigerian and that, therefore, Nigeria and Nigerians are included in “us” in your statement: “China is colonising us.”

    China is NOT colonising Nigeria.

    China is in a race, power struggle and fight for Africa’s resources against the Western nations, and to some extent, Russia, this is what is a fact.

    Power is transient. Death comes to all men. These, too, are facts.

    One day, Zimbabwe will have a President who is not a Mugabe, either in name or spirit. Laws, policies, systems, currencies, alliances, even individual and collective mindsets, whatsoever will change.

    And until then, one tree does not a forest make.

    i.e. Do not make the same patronising mistake as the former, and budding, colonialists. Africa is a CONTINENT, Zimbabwe is but one sovereign country, amongst fifty-four, in that continent.(the second largest on the planet earth, by the way).

  6. bruno

    December 22, 2015 at 3:39 pm

    the black man is truly a mumu. chai
    just because of 40 million dollars. Nigerian politicians steal that on a weekly basis.

    just look at the country’s financial sector, just a mess. and its gays u are busy fighting. smh

    when slavery starts all over again, u people don’t start playing the victim cause as u can see, it is the black man selling his own self out to foreigners who are ready to buy as usual.

    I trust china, they will reap very well from this investment. china 3 gbosa for una.

    • Chic_hijabi

      December 22, 2015 at 8:43 pm

      Correction, “DAILY” basis..lol

  7. jwezee

    December 22, 2015 at 6:15 pm

    If the US dollars is allowed in other countries why not YUAN…pls to be world power no easy..gotta do what you gotta do China..big ups

  8. Nystyle

    December 22, 2015 at 6:27 pm

    Real 3 gbosa for china, they will indeed milk them, not like Zimbabwe even has any tangible resources to offer china, I guess they will just become slaves to the Chinese…the Chinese want a share of what England, France and US did…to also be colonial masters. And can you imagine for just $40million???? They could have applied to folorubsho alakija,mo abudu, Mike adenuga, Dangote, even maybe Linda sef to come and own their country…smh

  9. Hashemst

    December 22, 2015 at 6:53 pm

    Look I’ll announce this! There are many countries in Africa infáct absolutely most countries in Africa don’t even know the connection between being black and being an AFRICA. But few prophetic nations like Nigeria and South Africa have preserved that ideal for us. True AFRICANS come in 3 sects, BANTU , CUSHTIC , KHOSA. Nigeria take care of your kids, last time I checked BANTUS, Biafran DESCENDENTS WERE the majority. The tutsi empire are rebuilding (kenya, Rwanda, Uganda ..soon S.Sudan) and ripping Congo apart for her spoils of War. in east AFRICA Tanzania is the real last . BANTU strong hold trying to keep things Trying to keep congo from being de filled off all her dignity. Nigeria please heed this Warning! don’t use all of your credit to enrich your politician off-shore bank accounts. But rebuild ur BANTU banner. Otherwise U’ll be responsible for the enslavement of us all coz ur foresaw this doom coming and had the chance to intervene…

  10. nnenne

    December 22, 2015 at 9:32 pm

    First, it was Europeans. Now, it’s Chinese .
    Wake up Africans, there’s nothing like a free ride.

  11. ola

    December 22, 2015 at 11:49 pm

    I was not surprise that Mugabe will like to have the Chinese currency. Mugabe as the president have ran out of ideas. The military should have overthrow is government long time.
    You cannot compare Nigeria with Zimbabwe interm of resources if not because of Mugabe selfish interest and the land he took away from the white farmers that was what make it worst for the Zimbabwe.
    Nigeria is loaded but the leaders are corrupt like Mugabe. Some one mention Alakija, Adenuga and the rest Mugabe do not have this people. Nigeria millionaires are not real millionaires they have the connection of the leader in power who made them what they are.
    No much difference among Africa leader majority of them does not have what it takes to lead.
    Only few African leaders have done themselves proud and that is Pres Nyerere of Tanzania, Madela, President Mbeki and Kuoffor of Ghana

  12. boluji

    December 23, 2015 at 1:01 am

    @hashemst WTF?????!!!!!!

  13. Tolani

    December 23, 2015 at 5:07 am

    $40 million that Dangote uses to buy puff puff looool! Haba the man never tire ??

  14. Uduma

    December 24, 2015 at 2:04 pm

    I thought Mugabee was anti-colonisation and imperialism. He just traded one master for another one.

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