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Vol 5 (AAC) No 7

Published 1st May 2012

Redback takes on greenback

African countries will be among the first to adopt the Chinese renminbi as a reserve currency

South Africa, China’s largest trading partner on the continent, looks set to be the first African nation to join the 20 other countries and regions that have swapped currency in deals totalling 1.6 trillion yuan (US$250 billion). Nigeria’s Central Bank Governor Lamido Sanusi revealed in September 2011 that the Abuja and Beijing governments are also planning a currency swap.

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