Chinese yuan gains influence in Africa

Africa is increasingly moving toward promoting the use of the Chinese yuan in its financial and commercial systems, aiming to reduce dependence on the U.S. dollar. Efforts continue to integrate African financial institutions with China's payment network (CIPS), such as the accession of Libyan, Zambian, and Angolan banks to the system, along with the signing of currency swap agreements and tax collection in yuan. Additionally, Libya is seeking to issue panda bonds denominated in yuan to help finance reconstruction efforts. These steps are part of China's strategy to build a global payment system based on the yuan, which could strengthen the currency's position on the continent and diminish the influence of Western sanctions. It is expected that reliance on the yuan for trade and investment in Africa will increase in the coming years.

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