CALLS BY CHINA TO HAVE COPPER TRADED IN CHINESE YUAN AN OPPORTUNITY FOR ZAMBIA TO STRENGTHEN ITS CURRENCY
By Tellah Hazinji
Economist Yusuf Dodia says recent calls by China to have copper traded in the Chinese Yuan presents an opportunity for Zambia to strengthen its currency.
China, which is part of the BRICS countries is pushing the de-dollarization narrative by urging Zambia to accept the Chinese Yuan as payment for copper and not the United States Dollar, which if Zambia accepts, 2 Billion Dollars’ worth of copper trade will be settled in Chinese Yuan.
In an interview with Phoenix Business News, Mr. Dodia says the Chinese are offering an alternative mechanism to improve trade and strengthen currencies.
He says it will be a mistake for Zambia to stick to the US Dollar which has proven to be manipulative as it is not backed by any gold reserve and is a floating currency which western banks manipulate whenever they like.