9 Days
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الشرق اللبنانية
China promotes yuan internationalization through tariff removal with Africa
China is working to promote the use of the yuan in Africa by eliminating tariffs on most of its imports and increasing trade between the two sides, with trade rising by 18% last year. African countries are also moving toward converting their debts and financial services into yuan. Additionally, joint payment platforms are expanding, and agreements are being signed between banks to strengthen settlements in local currencies, supporting trade growth and reducing dependence on the dollar. These measures are part of Beijing's strategy to build alternatives to Western finance and expand its financial influence across the African continent.
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