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Yuan expands in Africa via trade and debt
Trade between China and Africa grew by approximately 18% last year, with the volume of trade reaching $647 billion in April, marking a 14% year-on-year increase in yuan-denominated imports and exports. Beijing is working to promote the use of the yuan in the region by eliminating customs duties on imports from 53 countries and expanding the Cross-Border Interbank Payment System (CIPS), supporting its efforts to reduce reliance on the US dollar. The adoption of the yuan in Africa is increasing, especially with the growth of trade and financial transfers between the two sides. This has helped lower financing costs and stimulate African exports, with forecasts suggesting that China will surpass Europe in exports of certain products like avocados by the middle of this century.
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