{"id":213775,"date":"2025-12-31T21:19:19","date_gmt":"2025-12-31T21:19:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/213775\/"},"modified":"2025-12-31T21:19:19","modified_gmt":"2025-12-31T21:19:19","slug":"zambia-becomes-the-first-african-country-to-take-mining-taxes-in-chinas-yuan","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/213775\/","title":{"rendered":"Zambia becomes the first African country to take mining taxes in China\u2019s yuan"},"content":{"rendered":"<p>\n        Bloomberg reported that Chinese mine operators are now settling part of their tax obligations in yuan, reflecting the growing role of China as both Zambia\u2019s biggest copper buyer and one of its largest creditors.\n    <\/p>\n<p>\n        The central bank said the change aligns with its reserve-management strategy and export realities.\n    <\/p>\n<p>\n        \u201cA large portion of copper exports go to China and the Chinese mining firms already receive some, if not all, of their payments for their exports to China in renminbi,\u201d the Bank of Zambia said.\n    <\/p>\n<p>\n        \u201cThe Bank of Zambia has the diversification and building-up of its reserves as a key objective, and purchasing renminbi enables the bank to actualize this objective.\u201d\n    <\/p>\n<p>                    <img width=\"790\" height=\"595\" alt=\"Last month, the Bank of Zambia began publishing an official renminbi-kwacha exchange rate, allowing mining companies to choose whether to sell dollars or yuan to pay taxes. \" title=\"Last month, the Bank of Zambia began publishing an official renminbi-kwacha exchange rate, allowing mining companies to choose whether to sell dollars or yuan to pay taxes. \" class=\"image lazyloaded imgWithMetaData\" src=\"data:image\/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'790'%20height%3D'595'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/7T_ktkpTURBXy80ZDkzMDJiMjllNDIzZGUwYzc1MTRlY2VhMDVmODg3OS5wbmeSlQMAAM0Eos0DfJUCzQMWzQJTwsM\" fetchpriority=\"low\" decoding=\"async\" loading=\"lazy\"\/> <\/p>\n<p>        China\u2019s mining money meets Africa\u2019s currency shift<\/p>\n<p>\n        Business Insider Africa reported in October that Kenya converted part of its Chinese debt into yuan, a move aimed at easing pressure on its debt-stretched finances.\n    <\/p>\n<p>\n        The country expects to <a href=\"https:\/\/africa.businessinsider.com\/local\/markets\/kenya-gains-an-extra-dollar250-million-after-converting-dollar5-billion-loan-to-yuan\/tkezcr4\" id=\"7cb7467e-2832-44af-a519-e87b3e4ffafe\" data-link-role-code=\"open_new_tab\" target=\"_blank\" rel=\"nofollow noopener\">save about $250 million a year<\/a> after restructuring its $5 billion railway loan from the Export-Import Bank of China into yuan-denominated debt.\n    <\/p>\n<p>\n        To support the change, the Bank of Zambia last month began publishing an official renminbi-kwacha exchange rate, allowing mining companies to choose whether to sell dollars or yuan to pay taxes.\n    <\/p>\n<p>\n        The shift to yuan payments signals that China\u2019s influence in Africa\u2019s mining economy is now being matched by its growing currency footprint.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"Bloomberg reported that Chinese mine operators are now settling part of their tax obligations in yuan, reflecting the&hellip;\n","protected":false},"author":2,"featured_media":213776,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":{"0":"post-213775","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-il","11":"tag-israel"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/213775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=213775"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/213775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/213776"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=213775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=213775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=213775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}