在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

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: 精一区二区| 日韩国产精品视频 | 天天拍天天操 | 色悠久久久 | 亚洲视频在线观看 | 欧美综合网| 伊人干综合 | 亚洲自拍在线观看 | 亚洲高清视频一区二区 | 成人免费小视频 | 日本免费黄色网 | 精品在线一区二区 | 日韩和的一区二区 | 久久综合久久久 | 五月激情综合婷婷 | 一区二区日韩 | 久久av资源网 | 成人国产在线观看 | 国产96视频 | 国产福利在线观看视频 | 黄色三级网站 | 欧美日韩亚 | 操老逼 | 久久免费视频国产 | 亚洲一区二区三区欧美 | 91文字幕巨乱亚洲香蕉 | 一区二区在线看 | 精品国产欧美一区二区三区不卡 | 日韩美女在线视频 | 国产午夜久久 | 国产精品久久久久久久免费大片 | 国产精品久久久久久久久久久久久 | 性一交一乱一透一a级 | 亚洲天堂字幕 | 久久久久久久国产精品 | 亚洲h视频在线观看 | 精品国产一区二区三区av小说 | 毛片一区二区三区 | 日韩电影一区二区三区 | 午夜影院在线 | 欧美电影一区 |