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Zambia now accepts Chinese yuan for mining taxes, making it the first African nation to do so.
Zambia has become the first African nation to accept Chinese yuan for mining taxes and royalties, starting in October, as part of efforts to diversify foreign exchange reserves and support growing copper exports to China.
The Bank of Zambia now allows mine operators to pay taxes in yuan or dollars, with official exchange rates published to facilitate transactions.
The move supports Beijing’s broader push to expand renminbi use across Africa, especially in debt-heavy nations, following similar steps by Kenya and Ethiopia.
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Zambia ahora acepta yuan chino para los impuestos mineros, convirtiéndose en la primera nación africana en hacerlo.