African countries are souring on the dollar (www.economist.com)

submitted 2 hours ago by schizoidman@lemmy.zip to c/globalnews@lemmy.zip

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cross-posted from : https://lemmy.zip/post/69443079

Egypt, Nigeria and South Africa, three of Africa’s biggest economies, have agreed new currency swaps with China as the share of trade settled in yuan expands. Kenya has converted dollar-denominated loans into yuan, potentially saving up to $215m a year in interest costs, equivalent to nearly a fifth of its debt-service payments to China in 2025. Around two-thirds of the country’s outstanding debt to China is now denominated in yuan. Ethiopia and Mozambique are negotiating similar arrangements.

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this post was submitted on 10 Aug 2026

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