Zambia has taken a notable step in Africa’s shifting financial landscape, allowing Chinese mining companies to pay royalties and taxes in yuan instead of dollars. The move, confirmed by the Bank of Zambia, makes the country the first in Africa to officially accept mining-tax payments in renminbi. The change reflects China’s growing influence in Africa’s resource sector and its push to internationalize its currency, particularly in debt-heavy economies. With most Zambian copper exported to China, accepting tax payments in yuan aligns trade flows with fiscal policy while helping Zambia diversify its reserves and service Chinese debt more cheaply. As copper prices surge and Chinese investment expands, the policy underscores a quiet but meaningful recalibration of Africa–China economic ties.
Bloomberg
