Friday, August 17, 2018

The Future of China's RMB in Africa

The Institute for Security Studies (ISS) published on 13 August 2018 a commentary titled "Can China Free Africa from Dependency on the Mighty Dollar?" by Peter Fabricius, ISS consultant.

Only 3 to 5 percent of all global foreign exchange transactions are now in China's RMB and about 75 percent are in dollars. The RMB will become a much more important currency in trade and foreign reserves. While Chinese currency swaps will help African and other countries reduce their dependencies on the dollar, they will not end them.