Business
Zambia to Accept Chinese Yuan for Some Copper Exports
Zambia will begin accepting Chinese yuan for some copper exports next year, Bank of Zambia Governor Denny Kalyalya said, as African economies seek to reduce reliance on the US dollar in trade with China, their largest commercial partner.
Chinese producers already paying taxes in yuan will be the first to settle purchases in the currency.
The move reflects China’s push to expand the yuan’s use in commodity trade. The currency now ranks second globally in trade financing and third in payments, though the dollar remains dominant in commodity pricing.
Zambia, Africa’s second-largest copper producer, expects the arrangement to cut transaction costs and reduce exchange-rate risks. Analysts say it signals gradual diversification of payment options rather than an immediate shift away from the dollar.