Zambia accepts mining taxes in yuan

Zambia accepts mining taxes in yuan

Chinese mining firms in Zambia have started paying royalties and taxes in yuan, as the currency gains ground on the continent. The Zambian authorities are the first in Africa to confirm they are accepting mining-tax payments in renminbi, Bloomberg reported. Beijing has been trying to expand the yuan’s use in global trade, in part to protect its financial sector from potential negative actions from Western countries. Last year, the African Export…