According to Chinamasa, Zimbabwe will officially make yuan legal tender since it seeks to increase trade with Beijing after China writes off its debts.
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1 million refugees enter Europe this year
The IOM says the migrants are still arriving, with 30,411 passing through Greece in the week between 9 and 16 December. Nearly all those arriving came across the Mediterranean or the Aegean Seas, and half were Syrians fleeing the war.
Finance Minister Patrick Chinamasa said the countries were negotiating the final amount of debts to be cancelled, The Guardian reported. With its new status, the yuan will become more widely accepted in global transactions and more widely traded alongside the IMF’s other reserve currencies: the US dollar, the yen, the euro and the pound.
Morning fog creates near zero conditions in some parts of the GTA
SHOWERS STAY: Beyond Christmas , we keep daily shower chances throughout the region on Saturday , Sunday , Monday, and Tuesday. At night, forecasters call for a chance of showers and thunderstorms after 7 p.m. under more clouds and a low around 65.
President Mugabe adopted a “look East policy”, following Zimbabwe’s isolation by former Western trading partners over the country’s human rights record.
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One government report found the dump site to be unstable as early as January, and warned of a pending “catastrophe”. On Wednesday morning, the State Council, China’s cabinet, set up an investigation team to look into the landslide.
John Connally, U.S. Treasury secretary under Richard Nixon, once famously said to a group of European finance ministers that the dollar “is our currency but your problem”.
In the last 12 months, most emerging markets’ currencies depreciated against the USA dollar, helping improve their competitiveness.
This means trade in the yuan overlaps with business hours in Europe and Africa, where China is making strides in expanding use of its currency.
The IMF reviews the composition and weight of the SDR currencies every five years based on two criteria: whether they represent major trading nations and whether the currencies are “freely usable”.
Zimbabwe had stopped using its own domestic currency in 2009 after the economy of Zimbabwe was hit by hyperinflation.
The country’s goal is to have the yuan gain a share of the popularity of the USA dollar and Japanese yen, with enhanced affordability and stability. “It will all happen in the context of the RMB being part of our basket of currencies and being legal tender in Zimbabwe after our pronouncement previous year”. China is running trade surpluses, not deficits, with practically every other country on Earth.
Since the International Monetary Fund on November 30 announced it would include the yuan into the Special Drawing Rights currency reserve basket in October next year, the onshore yuan has been on a steady weakening trend.
Chinese President Xi Jinping is greeted by Zimbabwean President Robert Mugabe as he arrives on December 1, 2015, in Harare. The Indian government under Narendra Modi had made manufacturing growth a priority, but the latest data suggests New Delhi’s efforts-including its “Make in India” initiative-are failing to pay dividends.
THE move by the government to introduce the Chinese currency the, renminbi or the yuan in 2016 under the multi-currency system, will have little or no effect to the economy, local economists have said. “South African rand and the U.S. dollar have been the dominant currencies”.
Trade and investment ties between Zimbabwe and china have grown appreciably and Chinese investors have over the past two decades entered diamond mining, construction and retail sectors in the south-east African country.
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And the governance and administration of these various channels could be harmonised in a bid to make it easier for foreigners to invest in mainland China.
