China-Africa Trade Surge: Tariff Cuts Boost Yuan Adoption
China’s decision to eliminate tariffs for 53 African nations, combined with a 18% surge in annual China-Africa trade, is accelerating the use of the yuan across the continent. By bypassing the U.S. dollar in bilateral settlements, Beijing is building alternative financial infrastructure, such as the Cross-Border Interbank Payment System (CIPS), to reduce reliance on Western-dominated … Read more