Zimbabwe looks to Chinese yuan as legal tender

[webfact]

Zimbabwe looks to Chinese yuan as legal tender
MacDonald Dzirutwe

Harare: Zimbabwe plans to make the Chinese yuan legal tender as part of a deal that will see about $US40 million in debt cancelled by Beijing.

"Discussions are under way as we speak," finance and economic development minister Patrick Chinamasa said. "It will all happen in the context of the RMB [renminbi, or yuan] being part of our basket of currencies."

"Reserve Bank of Zimbabwe governor, John Mangudya, has opened negotiations with the People's Bank of China," Mr Chinamasa said.

Read more: http://www.theage.com.au/world/zimbabwe-looks-to-chinese-yuan-as-legal-tender-20151222-gltspp

-- The Age 2015-12-23

[Seastallion]

So, one RMB in exchange for 25 000 000 Zimbabwe dollars?

[ParadiseLost]

This can only improve the life of Africans, far more than any western country has achieved with their targeted aid (into despot bank accounts) since the fall of the empire. Rhodesia was once known as the "breadbasket of Africa", with incredibly good conditions for farming, but Mugabe personally ensured the lands are worthless and he completely destroyed the entire farming industry. Without a bleat from the international community.

The Chinese have polluted the crap out of their country so are looking around the world for places to produce their future foodstuffs. Take a look at what is happening in New Zealand at the moment, with big Dairy companies. They are struggling to meet the Chinese demand for baby formula, as the Chinese products are tainted...

China has recently relaxed the one-child rule, so expect a huge explosion of babies next year...

I am seriously considering whether my Northern Rhodesia (Zambian) birthright may be worth investigating...

[DrTuner]

Next up, baht changed to new master's currency?

[Asiantravel]

Next up, baht changed to new master's currency?

when I was in Luan Prabang in Laos three weeks ago I gave a $10 US bill to the cashier at the National Museum to pay for an entrance ticket expecting to get the change back in Kip.but she wouldn't accept it! She told me to go away and exchange the US dollars into Kip !

10 years ago in Laos and Cambodia they would have laughed at you if you tried to pay in their own currencies and only wanted the American dollar. Now it's the direct opposite

[Steely Dan]

Hmmm counterfeit RMB from the dark continent too.

[hansgruber]

Im sure the Chinese cant wait to get their hand on some Zimbabwe megabucks currency.

China will reject it.

[OMGImInPattaya]

Next up, baht changed to new master's currency?

when I was in Luan Prabang in Laos three weeks ago I gave a $10 US bill to the cashier at the National Museum to pay for an entrance ticket expecting to get the change back in Kip.but she wouldn't accept it! She told me to go away and exchange the US dollars into Kip !

10 years ago in Laos and Cambodia they would have laughed at you if you tried to pay in their own currencies and only wanted the American dollar. Now it's the direct opposite

Is that so...I'm a frequent traveler to Phnom Penh and have never had any of my US dollars refused.

[Publicus]

This can only improve the life of Africans, far more than any western country has achieved with their targeted aid (into despot bank accounts) since the fall of the empire. Rhodesia was once known as the "breadbasket of Africa", with incredibly good conditions for farming, but Mugabe personally ensured the lands are worthless and he completely destroyed the entire farming industry. Without a bleat from the international community.

The Chinese have polluted the crap out of their country so are looking around the world for places to produce their future foodstuffs. Take a look at what is happening in New Zealand at the moment, with big Dairy companies. They are struggling to meet the Chinese demand for baby formula, as the Chinese products are tainted...

China has recently relaxed the one-child rule, so expect a huge explosion of babies next year...

I am seriously considering whether my Northern Rhodesia (Zambian) birthright may be worth investigating...

The Chinese have polluted the crap out of their country so are looking around the world for places to produce their future foodstuffs.

Equally vital is to begin to relocate segments of the mainland PRC population to Africa. In groups at a time over a decade or so, and more; longer. A new global migration. Reduce the population living on the already environmentally deteriorated mainland.

Send for instance 200 million or 250 million mainlanders to sub-Saharan Africa, permanently and forever. Or 300 to 400 million if CCP can manage and sustain that in Africa. Whatever the continent will bear. (Other continents too btw of even more migrants from the destitute mainland.)

With only some exception, the yuan would be used throughout the African continent. Everyone always needs to be aware the CCP Dictators in Beijing have a Grand Design for each continent and for all of 'em. The one party unitary state, the one party unitary economy, the one party unitary currency.

China has recently relaxed the one-child rule, so expect a huge explosion of babies next year...

Surprise surprise it's not going according to plan. It is in fact a big disappointment. There is no rush to have a second child.

Money is too tight. A lot of couples don't want a second mouth to feed. The data are very disappointing to the CCP because they need young people in their labor market now, never mind 18 years from now. There aren't enough new workers now to fill out the production of goods and services.

There are few or weak retirement programs as well to include the CCP government in Beijing. Presently the one young adult child is looking at supporting two parents. That is, a young husband and wife supporting one child and four parents. Four plus one still equals five. Five supported by two. Seven altogether on one income, occasionally two incomes. Declining incomes.

Which is another reason the CCP Chinese save upwards of 50% of their income. Which in turn restricts the present everyday options of the young married couple with its one child, as present conditions are. This is another CCP scheme going nowhere fast.

''Two is too much trouble"

Wang Feng, a sociologist and demographic expert from the University of California, Irvine, said any baby boom would likely be short-lived – if it happened at all.

Wang said Beijing’s decision to abandon a 35-year-old policy that had become a political liability showed “courage and wisdom”.

But he predicted it would do almost nothing to boost China’s low fertility rate, which experts put at between 1.2 and 1.5 children per woman.

http://www.theguardian.com/world/2015/oct/30/two-is-too-much-trouble-china-parents-rush-more-children

Edited December 23, 2015 by Publicus

[Asiantravel]

Next up, baht changed to new master's currency?

when I was in Luan Prabang in Laos three weeks ago I gave a $10 US bill to the cashier at the National Museum to pay for an entrance ticket expecting to get the change back in Kip.but she wouldn't accept it! She told me to go away and exchange the US dollars into Kip !

10 years ago in Laos and Cambodia they would have laughed at you if you tried to pay in their own currencies and only wanted the American dollar. Now it's the direct opposite

Is that so...I'm a frequent traveler to Phnom Penh and have never had any of my US dollars refused.

your comprehension skills are not very good are they?

I didn't say that my dollars were refused in Phnom Penh I said they were refused in Luan Prabang in Laos

Edited December 23, 2015 by Asiantravel

[Publicus]

Next up, baht changed to new master's currency?

when I was in Luan Prabang in Laos three weeks ago I gave a $10 US bill to the cashier at the National Museum to pay for an entrance ticket expecting to get the change back in Kip.but she wouldn't accept it! She told me to go away and exchange the US dollars into Kip !

10 years ago in Laos and Cambodia they would have laughed at you if you tried to pay in their own currencies and only wanted the American dollar. Now it's the direct opposite

Is that so...I'm a frequent traveler to Phnom Penh and have never had any of my US dollars refused.

your comprehension skills are not very good are they?

I didn't say that my dollars were refused in Phnom Penh I said they were refused in Luan Prabang in Laos

Lao People's Democratic Republic.

CCP likes countries that have the name "People's Democratic Republic" in 'em.

Laos.

Neighbor South Africa btw is Zimbabwe's single largest trading partner. South Africa is the s in the pile of fallen Brics.

[saakura]

Next up, baht changed to new master's currency?

when I was in Luan Prabang in Laos three weeks ago I gave a $10 US bill to the cashier at the National Museum to pay for an entrance ticket expecting to get the change back in Kip.but she wouldn't accept it! She told me to go away and exchange the US dollars into Kip !
10 years ago in Laos and Cambodia they would have laughed at you if you tried to pay in their own currencies and only wanted the American dollar. Now it's the direct opposite

Is that so...I'm a frequent traveler to Phnom Penh and have never had any of my US dollars refused.

your comprehension skills are not very good are they?
I didn't say that my dollars were refused in Phnom Penh I said they were refused in Luan Prabang in Laos

Lao People's Democratic Republic.

CCP likes countries that have the name "People's Democratic Republic" in 'em.

Laos.

Neighbor South Africa btw is Zimbabwe's single largest trading partner. South Africa is the s in the pile of fallen Brics.

Amongst the brics countries, India seems to be on the right path?

[facthailand]

Are you kidding me?!? Ruin the only country I can be a trillionaire!

[simon43]

when I was in Luan Prabang in Laos three weeks ago I gave a $10 US bill to the cashier at the National Museum to pay for an entrance ticket expecting to get the change back in Kip.but she wouldn't accept it! She told me to go away and exchange the US dollars into Kip !

Well, it was the National Museum. Local pride and all that, you know.

[ParadiseLost]

Are you kidding me?!? Ruin the only country I can be a trillionaire!

Zimbabwe_$100_trillion_2009_Obverse.jpg

It is really sad what happened to Zim, all because of one man.

I last visited in 1992, when changing SA Rand on the black market got you around 3 to 1 against the Z$ - at that time the ZAR was also 3 to 1 against USD, so Z$ was unofficially under 10 to 1 to USD. Ten years later it was in the millions to USD.

We had a fantastic time, stayed in Kariba, Hwange Game park (where Cecil the lion was from) and Elephant Hills hotel in Vic Falls (the week it opened), The entire trip only cost me 1,000 ZAR - three weeks in all!

Still one of the most amazing countries on earth, natural beauty wise.

[Aussieroaming]

This has to be an improvement over the current currency....bananas

[hansgruber]

Are you kidding me?!? Ruin the only country I can be a trillionaire!

Zimbabwe_$100_trillion_2009_Obverse.jpg

People sell them on ebay as a novelty item.

[OMGImInPattaya]

10 years ago in Laos and Cambodia they would have laughed at you if you tried to pay in their own currencies and only wanted the American dollar. Now it's the direct opposite

Is that so...I'm a frequent traveler to Phnom Penh and have never had any of my US dollars refused.

your comprehension skills are not very good are they?

I didn't say that my dollars were refused in Phnom Penh I said they were refused in Luan Prabang in Laos

Do you even read what you write?

[Scott]

Please stay on topic, which is about Zimbabwe and the Chinese Yuan being used there. Observations about other countries is interesting and comparisons are permissible, but arguing and baiting other posters is off-topic.

[Publicus]

Is that so...I'm a frequent traveler to Phnom Penh and have never had any of my US dollars refused.

your comprehension skills are not very good are they?

I didn't say that my dollars were refused in Phnom Penh I said they were refused in Luan Prabang in Laos

Lao People's Democratic Republic.

CCP likes countries that have the name "People's Democratic Republic" in 'em.

Laos.

Neighbor South Africa btw is Zimbabwe's single largest trading partner. South Africa is the s in the pile of fallen Brics.

Amongst the brics countries, India seems to be on the right path?

India is on a path of some sort, for sure.

It does seem to be the only unscathed surviving Brics country.

Russan GDP is minus five percent and under sanctions while Putin's war in Ukraine remains frozen. CCP in full Japan-mode deflation will be lucky to exit 2015 in the black while still having a 250% debt to GDP ratio....whatever its real and actual GDP is. Brazil is stuck in a hopelessly deep recession (depression but nobody uses the word these dayze) and, as with the CCP, are burning up their USD forex. South Africa is middling which is of no meaning whatsoever.

That Hundred Trillion $$$$$$ note is starting to look good to the crushed Brics leaders. I'd suggested ahead of September's Washington visit by Xi Jinping that Prez Obama declare Xi as an economic refugee, an economically displaced person. Offer Xi shelter and support till he could bring his family over to the USA and get a real job to earn a real living making real money.

India's growing 5-7% but so is its population as it will soon surpass China for the dubious distinction of becoming the new global population central.

Recently elected PM Maharinda Modi is more ruthless than Ronnie Reagan against government bureaucracy and red tape standing in the way of business and corporate growth and economic development.

Modi is openly pro-US. He's signed new strategic alliances with Japan, Vietnam, Australia, Malaysia, Singapore and the United States. Modi pretty much broke away from the CCP when he told 'em to forget their absurd claim to the territory of the northern third of India as being China's lands, adjacent to Tibet. The basis of the CCP initiated war in 1962 that is still known in India as "the war."

Modi keeps up traditional Cold War Era relations with Russia (which doesn't trust the CCP either), mostly to buy arms as per usual (from France too). India and Asean countries are busy buying Russian submarines and fighter aircraft, not because they don't like one another.

It's because the CCP are trying to crawl all over the South China Sea and told PM Modi to his face in Beijing that "the Indian Ocean is not Indian."

Edited December 24, 2015 by Publicus

[rooinekrsa]

Hi guys

all the asian and russian ladies of the night have left south africa. they say the rand aint worth a f#@k

[Redline]

Matters not. Maybe if it was Nigeria

[Publicus]

This gets more and more comical by the day as people look at what it actually is and means.

There are no yuan in Zimbabwe, hasn't been any, nor is any coming anytime soon. The announcement will help slow inflation which is already at a zillion gazillion percent....calculated daily of course.

Zimbabwe’s adoption of Chinese yuan not what it seems In moves analysts say are meant to burnish each country’s international reputation, Zimbabwe officially adopts the yuan in exchange for US$40 million in debt relief from China.

“Yuan was included in the so-called multi-currency system a couple of years ago. It’s nothing new,” John Roberston, a professor of economics at the University of Zimbabwe, told Al Jazeera television.

But because there is so little trade between the countries, there are few paths to get yuan into Zimbabwe, leaving the U.S. dollar and the South African rand dominant among the eight official currencies.

“There is no yuan circulating in the country,” said Robertson. “It’s a strange situation now as the yuan has no future at all.”

The supposed debt relief offered by China is also a bit of a mirage. Rather than loans from the central bank, the money forgiven this week was overdue principal on a zero-interest loan — vehicles China has been using as a form of foreign aid, said Brautigam.

http://www.thestar.com/news/world/2015/12/23/zimbabwes-adoption-of-chinese-yuan-not-what-it-seems.html

Xi Jinping and Robert Mugabe.

The Joker and the Clown.

[Scott]

Off-topic posts and posts with racial slurs have been removed.