\n Zambia has held preliminary talks with China on a potential currency swap, a move that could help reduce risks in transactions with the southern African country\u2019s largest bilateral creditor, a senior finance ministry official said.\n <\/p>\n
\n The technical-level discussions took place as Zambia works to finalise a years-long debt-restructuring process, Masitala Mushinga, director of the debt-management office, Bloomberg reported.\n <\/p>\n
Yuan for mining taxes<\/p>\n
\n Business Insider Africa previously reported that Zambia has become the first African country to formally accept China\u2019s yuan for mining taxes and royalties, underscoring Beijing\u2019s growing financial influence across the continent\u2019s most strategic resource sectors.\n <\/p>\n
\n Zambia\u2019s move reflects a broader trend, as Africa increasingly becomes a testing ground<\/a> for China\u2019s long-running push to internationalise the yuan.\n <\/p>\n \n In October, Business Insider Africa reported that Kenya converted part of its Chinese debt into yuan to ease pressure on its finances, expecting to save about $250 million<\/a> annually after restructuring a $5 billion railway loan from the Export-Import Bank of China.\n <\/p>\n