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Zimbabwe Switches to Yuan as Reserve Currency

Zimbabwe's surprising recent announcement that it would shift to the Chinese yuan as its reserve currency is a sign of friendship with China, but probably not much more, say regional business people and economists. The announcement last week raised eyebrows among economists outside the country. The nation’s finance minister touted the move as a huge advance in relations between the two nations, and noted that China would use the occasion to to cancel a bundle of debts, estimated at...

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