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Zimbabwe to introduce Chinese currency

Source: Tourism Update, 23/01/2016

Chinese tourists will now be able to pay for services in Zimbabwe
using the yuan.

Zimbabwe has signed an agreement with China that will see the Chinese
currency, the yuan, being used for public transactions in Zimbabwe,
according to a report by Reuters Africa.

According to the report, the use of the yuan will help the country to
pay off its debt to China, which stands at $40 million. (R668
million).

Francis Ngwenya, President of the Zimbabwe Tourism Council, told
Tourism Update that Chinese tourists would soon be able to pay for
services in Zimbabwe using the yuan, however he added that it would
take time to distribute the currency through the banks. No timeline
for the introduction of the yuan has been set and tour operators and
product owns in Zimbabwe contacted by Tourism Update said they were
unaware of the development.

Ngwenya said the introduction of the yuan would help to grow the
Chinese market and that currency risk would subsequently be removed
from the tourism packages to China.

"Zimbabwe is a multi-currency country and the introduction of the yuan
will create easier pricing options and businesses will be able to have
rand, dollar and yuan accounts."

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