US EditionBRICS Launches Yuan Payment System Across 185 Countries
- On Oct. 17, Eyob Tekalign, Ethiopia's central bank governor, said Addis Ababa began talks to swap part of its $5.38 billion debt into yuan-denominated loans with China Eximbank and the People's Bank of China.
- Following Kenya's deal earlier this month, officials point to large interest savings and a push to internationalize the yuan; Kenya saved $215 million annually, and swaps cut interest from 7.25 per cent to 3 per cent.
- Addis Ababa signed a memorandum of understanding to advance debt talks under the G20 Common Framework, while talks with holders of a $1 billion Eurobond ended in an impasse on Oct. 14.
- IMF Africa Director Abebe Selassie said `My sense is that it's going to yield nontrivial savings,` and Ethiopia expects to sign final bilateral deals with official creditors by the end of the year, aiming for March targets with non-bond commercial creditors.
- The BRICS group's de-dollarization discussions have drawn criticism from US President Donald Trump, while Sri Lanka, Hungary and Zambia watch yuan financing amid China's one-year prime rate at 3% versus the US rate of 7.25%.
34 Articles
34 Articles
Al Bawaba - Weeks after inaugurating the Grand Ethiopian Renaissance Dam (GERD), which is harming Egypt and Sudan, Ethiopia announced the construction of a new dam on the Omo River. This new dam is the second largest dam it has inaugurated after the Grand Ethiopian Renaissance Dam...
China, South Africa banks seal first yuan loan deal to boost African development
China Development Bank (CDB) and the Development Bank of Southern Africa (DBSA) signed a loan agreement worth 2.1 billion yuan ($290 million), marking the first yuan-denominated financing cooperation between the two institutions, according to the CDB on Wednesday, the Xinhua News Agency reported.
Russia’s idea of BRICS grain exchange to counter CME gains momentum
The US decision to hike import tariff to use it as a weapon has revived activities within BRICS to meet the deadline of the roll out of the Russian and Brazillian proposals, at least on pilot basis, sources said
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