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Zimbabwe Switches to Yuan as Reserve Currency


Zimbabwe Switches to Yuan as Reserve Currency
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0:00 0:03:09 0:00

In a surprise move, Zimbabwe announced it would shift to the Chinese yuan as its reserve currency. As part of the deal, China agreed to cancel about $40 million of Zimbabwe’s debts due this year. The U.S. dollar is used as the major currency in the impoverished African nation.

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