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African leaders to adopt yuan as forex reserve, as China promises $60bn loan

By News Express on 05/12/2015

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African countries discussed adopting the yuan currency as a foreign exchange reserve during meetings with China at a summit in South Africa, a senior Chinese official said on Friday.

“Some countries raised this at bilateral meetings. Leaders of both sides attach great importance to this issue.”

Special Representative of the Chinese Government on African Affairs Zhong Jianhua disclosed this without elaborating.

The issue was raised following the adoption of yuan like the dollar by the International Monetary Fund (IMF) as global finances.

Chinese President Xi Jinping earlier pledged 60 billion dollars for development projects in Africa at the start of the two-day summit of the Forum on China-Africa Cooperation.

Xi Jinping told African presidents on Friday at a summit that his country would provide $60 billion over three years, to fund development on the continent.

Xi, who is co-chairing the Forum on China-Africa Cooperation, where several African heads of state were attending, outlined a broad ten-point development plan driven by the Asian economic giant.

He said he wanted to build a relationship of equals.

“To ensure the successful implementation of these ten cooperation plans, China decides to provide a total of $60 billion of funding support.”

Despite its own slowing economy, Xi said China would step up investment in factories manufacturing goods for export in Africa.

This is in addition to building roads, ports and railways in a continent long seen as a major commodities source for China.

The Chinese leader promised to cancel existing debts with zero interest loans for least developed countries that mature by end of 2015.

He also stated that China will strengthen its cooperation with Africa in the fight against violent extremism and would not interfere with the political choices of countries in the continent.

“China will implement ten cooperation plans with Africa in the next three years.

“These plans (are) aimed at addressing three issues holding back Africa's development, namely inadequate infrastructure, lack of professional and skilled personnel and funding shortage.”

Africans broadly see China as a healthy counterbalance to Western influence.

But the Western governments have charged China of turning a blind eye to conflicts and rights abuses on the continent as they pursue trade and aid policies in Africa. (Reuters/NAN)

•Photo shows Chinese President Xi Jinping.

 

Source News Express

Posted 05/12/2015 05:43:04 AM

 

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