RMB globalization to boost Africa’s economy

A senior economist says the internationalization of Chinese currency RMB, or yuan, will have a positive impact on Africa’s economy.


Chief economist of CFC Stanbic Bank East Africa Region Jibran Qureishi told Xinhua in an exclusive interview in Nairobi that many African countries saw a tough year in 2015 due to the change of U.S. monetary policy.

The industrialization progress of many African countries has also stalled as manufacturing cost remains high.

Qureishi said the internationalization of the renminbi would be a silver bullet to help reduce the import bill for a lot of countries.

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