Ethiopia In Talks With China To Convert Billions In Debt From USD To Yuan

 Ethiopia In Talks With China To Convert Billions In Debt From USD To Yuan

Beijing is seeking to internationalize its currency as BRICS nations move away from the US dollar

Ethiopia is in talks with China to convert some of Addis Ababa’s $5.38-billion debt to Beijing into lower-interest-rate, yuan-denominated loans. The move comes amid China’s broader effort to expand the use of its currency worldwide.

Ethiopia’s central bank governor, Eyob Tekalign, held meetings to discuss the issue with officials from the Export-Import Bank of China and the People’s Bank of China during a visit to Beijing last month, Bloomberg reported on 20 October.

“China is a very important partner for us now, there is a growing volume of trade, investment,” Tekalign said.

“So it really makes sense to arrange some currency swap“

Beijing’s effort to encourage its debtors to switch from dollar to yuan-denominated loans “is part of the bigger Chinese strategy of internationalizing the yuan,” stated Lesetja Kganyago, South Africa’s central bank governor, in an interview last week.

🔗SOURCE ➡️ The Cradle

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With China in Yuan – State Media

I predicted the rise of BRICS in March 22′ one month into Ukraine war based off flagrant threats of sanctions on neutral countries like India and gulf states would lead to a decline in US hegemony and the rise of BRICS. I was right. And yet, we continue down the same path, with predictable consequencess ⤵️

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