China’s plan to internationalise yuan quietly takes a step forward as Zambia gets on board

As of January, Zambia has begun collecting taxes and royalties from Chinese mining firms in yuan, and will cycle the currency directly back to Beijing to fund imports and service loans. Experts said the shift reflected the southern African country’s urgent need to ease a US dollar shortage and manage debt, rather than geopolitical alignment, but also a quiet advance for China’s long-term strategy to internationalise its currency. It had also created a tangible blueprint for other resource-rich,...