{"id":31968,"date":"2015-12-30T23:53:41","date_gmt":"2015-12-30T22:53:41","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=31968"},"modified":"2016-01-01T19:03:08","modified_gmt":"2016-01-01T18:03:08","slug":"31968","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/31968\/","title":{"rendered":"China Overlooks Zimbabwe&#8217;s Human Rights Record"},"content":{"rendered":"<p>Yuan to be Zimbabwe&#8217;s official currency after China cancels debt. \u00a0China overlooks a terrible human rights record, and Zimbabwe has a new preferred trade ally.<\/p>\n<p>Zimbabwe\u00a0has announced that it will make the Chinese yuan legal tender after Beijing confirmed it would cancel $40m in debts.<\/p>\n<p>\u201cThey [China] said they are cancelling our debts that are maturing this year and we are in the process of finalising the debt instruments and calculating the debts,\u201d minister Patrick Chinamasa said in a statement.<\/p>\n<aside class=\"element element-rich-link element--thumbnail element-rich-link--upgraded\">\n<div class=\"rich-link tone-news--item \">\n<div class=\"rich-link__container\">\n<div class=\"rich-link__image-container u-responsive-ratio\"><img decoding=\"async\" src=\"https:\/\/i.guim.co.uk\/img\/media\/44284572afd0627f997eef524e44a600f119e77e\/0_110_3600_2160\/3600.jpg?w=460&amp;q=85&amp;auto=format&amp;sharp=10&amp;s=aa6c327b291f51892985cfe6d7ebc371\" alt=\"\" \/><\/div>\n<div class=\"rich-link__header\">\n<h1 class=\"rich-link__title\"><a class=\"rich-link__link\">Robert Mugabe greets China&#8217;s Xi Jinping as &#8216;true and dear friend&#8217; of Zimbabwe<\/a><\/h1>\n<\/div>\n<div class=\"rich-link__read-more\"><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p>China also announced that Zimbabwe will officially make the Chinese yuan legal tender as it seeks to increase trade with Beijing.<\/p>\n<p>Zimbabwe abandoned its own dollar in 2009 after hyperinflation, which had peaked at around 500bn%, rendered it unusable.<\/p>\n<p>It then started using a slew of foreign currencies, including the US dollar and the South African rand.<\/p>\n<p>The yuan was later added to the basket of the foreign currencies, but its use had not been approved yet for public transactions in the market dominated by the greenback.<\/p>\n<p>Use of the yuan \u201cwill be a function of trade between\u00a0China\u00a0and Zimbabwe and acceptability with customers in Zimbabwe,\u201d the minister said.<\/p>\n<p>Zimbabwe\u2019s central bank chief John Mangudya was in negotiations with the People\u2019s Bank of China \u201cto see whether we can enhance its usage here,\u201d said Chinamasa.<\/p>\n<p>China is Zimbabwe\u2019s biggest trading partner following Zimbabwe\u2019s isolation by its former western trading partners over Harare\u2019s human rights record.<\/p>\n<p>In reaction veteran president Robert Mugabe adopted a \u201clook East policy\u201d,\u00a0forging new alliances with eastern Asian countries\u00a0and buttressing existing ones.<\/p>\n<p>In early December,\u00a0Chinese president Xi Jinping stopped over in Zimbabwe\u00a0in a rare trip by a world leader to the country, and presided over the signing of various agreements, mainly to upgrade and rebuild Zimbabwe\u2019s infrastructure such as power stations.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yuan to be Zimbabwe&#8217;s official currency after China cancels debt. \u00a0China overlooks a terrible human rights record, and Zimbabwe has a new preferred trade ally. Zimbabwe\u00a0has announced that it will make the Chinese yuan legal tender after Beijing confirmed it &hellip; <a href=\"https:\/\/www.w-t-w.org\/en\/31968\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[13,110],"tags":[],"class_list":["post-31968","post","type-post","status-publish","format-standard","hentry","category-finance","category-globalization"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Yuan to be Zimbabwe&#039;s official currency after China cancels debt. China overlooks a terrible human rights record, and Zimbabwe has a new preferred trade ally. 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