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: 欧美激情一区二区三区高清视频 | 99精品小视频 | 亚洲精品一区二区观看 | 欧美les视频xxxx在线观看 | 乱人伦中文视频在线 | 国产精品二区页在线播放 | 久久香蕉国产线看免费 | 亚洲成年男人的天堂网 | 精品亚洲成a人在线观看 | 亚洲成人黄色在线 | 亚洲高清国产品国语在线观看 | 日本 欧美 国产 | 99爱视频在线 | 亚洲精品一区二区在线观看 | 国产美女一级特黄毛片 | 久久精品国产一区二区三区日韩 | 特级黄色毛片在放 | 国产愉拍精品手机 | 国产成人免费高清视频 | 欧美一级高清在线观看 | 国产精品久久自在自线观看 | 欧美一级香蕉毛片 | 91久久| 久久视频精品线视频在线网站 | 99福利网| 麻豆69堂免费视频 | 日本精品一区二区三区在线视频一 | 亚洲精品手机在线 | 成人在线视频免费观看 | 日韩精品一区二区三区四区 | 亚洲精品无码专区在线播放 | 99在线视频网站 | 亚洲一区亚洲二区 | 一区二区三区四区在线播放 | 欧美午夜视频一区二区三区 | 久热国产视频 | 国产精品系列在线一区 | 又黄又免费的网站 | 91理论片| 日本一区二区不卡视频 | 99福利资源久久福利资源 |