www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Economy

Chinese yuan's internationalization good news to Zimbabwe: analysts

(Xinhua) Updated: 2015-12-02 10:14

HARARE - Already, Chinese currency yuan was given the legal status to circulate in Zimbabwe, where there has been no local currency since its demobilization amid hyper-inflation six years ago.

But the notes bearing China's founder Chairman Mao Zedong are rarely seen in the market, along with seven other legal tender foreign currencies in Zimbabwe. The sole dominating currency is the American greenback.

For a country that has been placed under US sanctions for more than a decade, the development of a competitive alternative is much welcomed.

Zimbabwean economic commentators said Chinese yuan's internationalization, a lengthy process whose latest development include establishing an international payment system to joining International Monetary Fund (IMF)'s Special Drawing Right basket.

"It's a commendable move on the part of the Chinese," said Zimbabwe Investment Authority chairman and former bank owner Nigel Chanakira. "We now have a rival currency in a sense to the US dollar."

He said that the latest introduced China International Payment System (CIPS) will help Zimbabwe to circumvent US financial sanctions.

Yuan payments in cross border trade, direct investments, financing and personal remittances are accepted under the system.

Chanakira said several Zimbabwean firms have had their money seized by the United Sates Office of Foreign Assets Control as part of America's sanctions regime in place since 2001.

The US Treasury Department has over the years intercepted payments running into millions of dollars due to Zimbabwean firms as part of its economic sanctions, analysts say.

"There are no sanctions with China and those banks that are affected by the US sanctions can open direct currency trading accounts with Chinese banks without any upheavals or risk that their money can be seized," Chanakira said.

Former president of the Confederation of Zimbabwe Industries Charles Msipa hailed the yuan's internaitonalization, saying it will help democratize the global financial payment system.

"It's a good and welcome development that will help balance the world financial system," he said.

Observers say there are only a few Zimbabwean banks holding direct currency accounts with Chinese banks but this is likely to change.

China's ratio of global trade is significant and it was unnecessary for countries to go through third party currencies, Chanakira said, the cost of trade will be reduced significantly by direct yuan payments.

The amount of trade between Zimbabwe and China is sufficient to merit the reduction in trading costs. According to Chinese official source, annual bilateral trade between Zimbabwe and China has risen from $500 million in 2010 to $1.24 billion in 2014, with Zimbabwe maintaining trade surplus with since 2011.

Chinese Foreign Direct Investment into Zimbabwe has also jumped from $460 million in 2011 to $601 million in 2013.

The introduction of the CIPS was therefore expected to allay any exchange risk fears by Zimbabweans and spur yuan transactions between Chinese and Zimbabwean business people, Chanakira said.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 成人夜色视频网站在线观看 | 女人张开腿让男人桶免费最新 | 国产一级黄色 | 亚洲在线视频网站 | 香港激情三级做爰小说 | 多人伦精品一区二区三区视频 | 欧美成在线 | 国产精品九九 | 欧美日韩a级片 | 日本一级特黄大一片免 | 日本免费一二区视频 | 亚洲欧美日韩另类在线 | 亚洲理论欧美理论在线观看 | 久久久久欧美国产精品 | 久久久久久青草大香综合精品 | 精品欧美一区二区精品久久 | 亚洲性综合 | 久揄揄鲁一二三四区高清在线 | 免费区一级欧美毛片 | 999国产精品亚洲77777 | 欧美日韩免费播放一区二区 | 美女视频免费看视频网站 | 人操人摸| 国产成年人网站 | 日韩免费精品一级毛片 | 欧美国产综合视频 | 久久一本色道综合 | 伊人久久综合热青草 | 亚洲 欧美 激情 另类 校园 | 国产天堂| 亚洲精品aaa | 亚洲视频网址 | 亚洲精品久久久久久久久久久网站 | 一级毛片免费视频观看 | 三级全黄a | 日本无卡码免费一区二区三区 | 日韩在线一区二区 | 欧美特黄一级视频 | 成年网站视频在线观看 | 久久精品国产这里是免费 | 亚洲精品国自产拍在线观看 |