Zambia and China Explore Using RMB for Trade and Investment
Zambia and China are exploring new avenues to boost their economic partnership. A recent forum held in Lusaka, the RMB Settlement Facilitation Forum, aimed to explore the use of the Renminbi (RMB) for trade and investment between the two countries.
Organized by Bank of China Zambia Limited, the forum brought together government officials, industry experts, and stakeholders from both nations.
Discussions at the forum centered on the potential benefits of using RMB in bilateral trade.
Zambia’s Minister of Commerce, Trade, and Industry, Hon. Chipoka Mulenga, emphasized the possibility of lowering business costs and reducing risks associated with fluctuating exchange rates by utilizing RMB.
He believes this could be achieved by facilitating trade and investment transactions in RMB.
The forum also highlighted China’s role as a key development partner and trading partner for Zambia.
Dr. Francis Chipimo, Deputy Governor of the Bank of Zambia, acknowledged the extensive trade ties between the two countries, with Zambian exports to China including copper, gemstones, food products, and tobacco, while key imports from China consist of industrial machinery, vehicles, electrical equipment, steel, and iron.
China’s growing economic influence was further emphasized by Mr. Li Xuewen, Managing Director of Bank of China Zambia Limited.
He pointed out the RMB’s increasing importance on the global stage, with central banks worldwide holding RMB as part of their reserves.
