
Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts - polskibus
http://www.theguardian.com/world/2015/dec/22/zimbabwe-to-make-chinese-yuan-legal-currency-after-beijing-cancels-debts
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bko
> Zimbabwe has announced that it will make the Chinese yuan legal tender after
> Beijing confirmed it would cancel $40m in debts.

I'm surprised it only took cancelling $40m of debt to have Zimbabwe to make
the Yuan a legal currency in their country. China seems to have been buying a
lot of influence in the continent through loans and building out
infrastructure. Not sure if that's a good thing or not, but considering that
sanctions have failed to lead to much reform, I am leaning towards good.

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pzone
It's only adding the yuan to a slew of other officially accepted currencies.
The yuan is one of the most important world currencies anyway, and Zimbabwe
does plenty of business with China already. Anything to help steer Zimbabwe's
economy out of its current nightmare scenario is a good thing.

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kaonashi
And China gets a new colony.

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kushti
"US gets a new ally" , "China gets a new colony" ?

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ferentchak
Probably an accurate statement. My understanding is the Chinese method of
resource aquisition is to ship skilled Chinese workers over to extract them
whereas the States tend to send over money and let it work itself out.

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gscott
There are a number of articles on this where not only are Chinese doing the
construction labor in African countries but encouraging citizens over to start
businesses.

