Mozambique is considering converting the $1.4 billion it owes to China into yuan-denominated loans, underscoring Beijing’s growing clout in Africa.
Other borrowers across the continent have in recent years converted their loans into yuan, boosting the currency’s global standing as Beijing seeks to make inroads into the US dollar’s dominance. Ethiopia and Zambia are reportedly discussing similar debt conversions, too.
China’s Africa presence is growing in other ways, too: Mandarin lessons are booming across the continent, with a West African online recruitment company recently registering a 40% spike in demand for Chinese-language speakers, the South China Morning Post reported.
