Zambia Says Some Copper Sales to China to Be Settled in Renminbi

Zambia will begin settling some copper sales to China in renminbi from next year, marking a shift away from the US dollar. Denny Kalyalya, the central bank governor, confirmed the plan during IMF meetings in Bangkok, noting that Chinese producers already pay Zambian taxes in yuan. The move aims to reduce currency conversion costs and exchange rate volatility for Zambia’s kwacha.

Zambia is also in talks with China for a currency swap, and hopes future lending could be denominated in renminbi. This trend is growing across Africa: Kenya has swapped $215 million in Chinese debt to yuan, saving annually on debt service with interest rates as low as 3%. Ethiopia is also converting part of its $5.4 billion debt to China into renminbi, though details remain undisclosed.

More African lenders are joining China’s Cross-Border Interbank Payment System, bypassing SWIFT.

Zambia will start settling some copper sales to China in renminbi from next year, shifting away from the US dollar. Denny Kalyalya, the central bank governor, confirmed the plan during IMF meetings in Bangkok, noting that Chinese producers already pay Zambian taxes in yuan. The move aims to reduce currency conversion costs and exchange rate volatility for Zambia’s kwacha.

Zambia is also in talks with China for a currency swap, and hopes future lending could be denominated in renminbi. This trend is growing across Africa: Kenya has swapped $215 million in Chinese debt to yuan, saving annually on debt service with interest rates as low as 3%. Ethiopia is also converting part of its $5.4 billion debt to China into renminbi, though details remain undisclosed.

More African lenders are joining China’s Cross-Border Interbank Payment System, bypassing SWIFT.

Zambia will start settling some copper sales to China in renminbi from next year, shifting away from the US dollar. Denny Kalyalya, central bank governor, confirmed the plan during IMF meetings in Bangkok, noting that Chinese producers already pay Zambian taxes in yuan. The move aims to reduce currency conversion costs and exchange rate volatility for Zambia’s kwacha.

Zambia is also in talks with China for a currency swap, and hopes future lending could be denominated in renminbi. This trend is growing across Africa: Kenya has swapped $215 million in Chinese debt to yuan, saving annually on debt service with interest rates as low as 3%. Ethiopia is also converting part of its $5.4 billion debt to China into renminbi, though details remain undisclosed.

More African lenders are joining China’s Cross-Border Interbank Payment System, bypassing SWIFT.

Zambia wird ab nächstes Jahr einige Kupferverkäufe an China in Renminbi abwickeln und vom Dollar abweichen. Denny Kalyalya, Chef der Zentralbank, bestätigte den Plan bei IMF-Treffen in Bangkok und wies darauf hin, dass chinesische Produzenten bereits Steuern an Zambia in Yuan zahlen. Ziel ist es, Währungsumrechnungskosten und Wechselkursvolatilität für den Zambia-Kwacha zu reduzieren.

Zambia führt auch Gespräche mit China über einen Währungssswap und hofft, dass zukünftige Kredite in Renminbi denominiert werden könnten. Diese Trend wächst über Afrika: Kenia hat 215 Millionen Dollar chinesischen Schulden in Yuan umgetauscht, spart jährlich an Schuldendienst mit Zinssätzen so niedrig wie 3%. Äthiopien wandelt auch einen Teil seiner 5,4 Milliarden Dollar Schulden mit China in Renminbi um, obwohl Details weiterhin unbekannt bleiben. Mehr afrikanische Gläubiger treten Chinas grenzüberschreitenden Bankensystem bei, um SWIFT zu umgehen.

Zambia comenzará a liquidar algunas ventas de cobre a China en yuan a partir del próximo año, alejándose del dólar. Denny Kalyalya, el gobernador del banco central, confirmó el plan durante las reuniones del FMI en Bangkok, señalando que los productores chinos ya pagan impuestos a Zambia en yuan. El objetivo es reducir los costos de conversión de moneda y la volatilidad cambiática para el kwacha zambiano.

Zambia también mantiene conversaciones con China sobre un swap de moneda, y espera que los préstamos futuros puedan estar denominados en yuan. Esta tendencia está creciendo en África: Kenya ha cambiado 215 millones de dólares en deuda china a yuan, ahorrando anualmente en el servicio de la deuda con tasas de interés tan bajas como el 3%. Ethiopia también está convirtiendo parte de su deuda de 5.4 mil millones de dólares con China a yuan, aunque los detalles siguen siendo desconocidos.

Más prestamistas africanos se están sumando al sistema de pagos transfronterizo interbancario de China, evitando SWIFT.

La Zambie commencera à régler certaines ventes de cuivre avec la Chine en yuan à partir de l'année prochaine, s'éloignant du dollar. Denny Kalyalya, gouverneur de la banque centrale, a confirmé le plan lors des réunions du FMI à Bangkok, soulignant que les producteurs chinois paient déjà les taxes zambiennes en yuan. L'objectif est de réduire les coûts de conversion de monnaie et la volatilité de change pour le kwacha zambien.

La Zambie entretient également des discussions avec la Chine concernant un swap de monnaie, et espère que les prêts futurs pourraient être libellés en yuan. Cette tendance se généralise en Afrique : le Kenya a échangé 215 millions de dollars de dette chinoise en yuan, économisant annuellement sur le service de la dette avec des taux d'intérêt aussi bas que 3 %. L'Éthiopie convertit également une partie de sa dette de 5,4 milliards de dollars avec la Chine en yuan, bien que les détails restent inconnus.

De plus en plus de prêteurs africains rejoignent le système de paiement interbancaire transfrontalier de la Chine, évitant le SWIFT.

Zambia will start settling some copper sales to China in renminbi from next year, shifting away from the US dollar. Denny Kalyalya, central bank governor, confirmed the plan during IMF meetings in Bangkok, noting that Chinese producers already pay Zambian taxes in yuan. The move aims to reduce currency conversion costs and exchange rate volatility for Zambia’s kwacha.

Zambia is also in talks with China for a currency swap, and hopes future lending could be denominated in renminbi. This trend is growing across Africa: Kenya has swapped $215 million in Chinese debt to yuan, saving annually on debt service with interest rates as low as 3%. Ethiopia is also converting part of its $5.4 billion debt to China into renminbi, though details remain undisclosed.

More African lenders are joining China’s Cross-Border Interbank Payment System, bypassing SWIFT.

Zambia akan mulai menyelesaikan penjualan tembaga kepada China dalam renminbi mulai tahun depan, beralih dari Dolar AS. Denny Kalyalya, gubernur Bank Sentral, mengkonfirmasi rencana selama mesyuarat IMF di Bangkok, mengcatat produsen China sudah membayar pajak Zambia dalam yuan. Tujuannya adalah mengurangi biaya konversi mata uang dan volatilitas tukar untuk kwacha Zambia.

Zambia juga sedang berdiskusi dengan China tentang tukar mata uang, dan berharap pinjaman masa depan bisa denominated dalam renminbi. Tren ini sedang tumbuh di Afrika: Kenya telah menukar 215 million dollar hutang China ke yuan, menghemat annually pada pelayanan hutang dengan suku bunga se rendah seperti 3%. Ethiopia juga mentransformasi bagian utang 5,4 billion dollar dengan China ke renminbi, meskipun detailnya masih tidak disclosed.

Lebih banyak pemberi pinjaman Afrika bergabung dengan China Cross-Border Interbank Payment System, menghindari SWIFT.

Zambia will start settling some copper sales to China in renminbi from next year, shifting away from the US dollar. Denny Kalyalya, central bank governor, confirmed the plan during IMF meetings in Bangkok, noting that Chinese producers already pay Zambian taxes in yuan. The move aims to reduce currency conversion costs and exchange rate volatility for Zambia’s kwacha.

Zambia is also in talks with China for a currency swap, and hopes future lending could be denominated in renminbi. This trend is growing across Africa: Kenya has swapped $215 million in Chinese debt to yuan, saving annually on debt service with interest rates as low as 3%. Ethiopia is also converting part of its $5.4 billion debt to China into renminbi, though details remain undisclosed.

More African lenders are joining China’s Cross-Border Interbank Payment System, bypassing SWIFT.

Zambia começará a liquidar algumas vendas de cobre a China em renminbi a partir do próximo ano, afastando-se do dólar. Denny Kalyalya, governador do banco central, confirmou o plano durante as reuniões do FMI em Bangkok, observando que os produtores chineses já pagam impostos Zambianos em yuan. O objetivo é reduzir os custos de conversão de moeda e a volatilidade cambial para o kwacha zambiano.

Zambia também mantém conversas com China sobre um swap de moeda, e espera que empréstimos futuros possam ser denominados em renminbi. Esta tendência está crescendo na África: Quênia trocou 215 milhões de dólares em dívida chinesa por yuan, economizando anualmente no serviço da dívida com taxas de juros tão baixas como 3%. Etiópia também está convertendo parte de sua dívida de 5,4 bilhões de dólares com a China em renminbi, embora os detalhes permaneçam não divulgados.

Mais empradores africanos estão se juntando ao sistema de pagamento transfronteiriço interbancário da China, evitando o SWIFT.

Замбия начнет расчеты некоторых продаж меди Китаю в юани с следующего года, уходя от доллара. Denny Kalyalya, глава центрального банка, подтвердил план на встречах МФБ в Бангкоке, отметив, что китайские производители уже платят налоги Замбии в юане. Цель — снизить затраты на конвертацию валюты и волатильность курса для замбийского кванчи. Замбия также ведет переговоры с Китаем о валютном обмене, и надеется, что будущие кредиты могут быть denominated в юане. Этот тренд растет по Африке: Кения обменяла 215 миллионов долларов китайской долга на юань, экономя annually на обслуживании долга с процентными ставками от 3%. Эфиопия также конвертирует часть своей долга в 5,4 миллиарда долларов с Китаю в юань, хотя детали остаются не disclosed. Больше африканских кредиторов присоединяются к межбанковской системе межбанковских платежей Китая, обходя SWIFT.

Zambia将从明年开始以人民币结算部分铜销售，转向人民币而非美元。肯尼亚中央银行行长Denny Kalyalya在曼谷IMF会议上确认了这一计划，指出中国生产者已以人民币支付赞比亚税款。这一举旨在降低赞比亚克瓦查的货币兑换成本和汇率波动。赞比亚正与中国就货币 swap 谈判，并希望未来的贷款计价也可以使用人民币。这一趋势正在非洲增长：肯尼亚已将2.15亿美元中国债务转为人民币，每年在债务服务上节省开支，利率低至3%。埃thiopia也将其价值54亿美元的中国债转为人民币，尽管细节尚未披露。更多非洲贷款方正加入中国的跨境银行支付系统，绕过SWIFT。