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Yuan’s internationalization in Africa

In recent years the internationalization of the Chinese Yuan has made considerable progress in Africa, as economic and trade cooperation between the two blocks has been constantly on the rise.

The objective of making the Chinese Yuan an international currency worldwide dates back to the end of the 2000s with the establishment of the so-called “dim sum bonds”, issued by the China Development Bank in 2007, whereas in 2016 it has been included in the basket of currencies of the International Monetary Fund Special Drawing Rights. Looking at the African continent, the use of the Chinese Yuan has become more and more widespread in order to facilitate China-Africa trade,