Chinese mine operators in Zambia started paying royalties and taxes in yuan in Africa’s second-biggest copper producer, the latest sign of the growing acceptance of the currency on the continent.
Payments using the Chinese unit began in October, the Bank of Zambia said in reply to emailed questions on Wednesday. The Zambian authorities are the first in Africa to confirm they are accepting mining-tax payments in renminbi.
Africa is emerging as a key arena in Beijing’s efforts to internationalize the yuan, especially in nations that are heavily indebted to it. Kenya this year converted dollar loans it owed to China ...