Reports from the International Monetary Fund (IMF) or the Bank for International Settlements (BIS)

African Banks Expand in China as Beijing Promotes Yuan, Facing Trump’s 100% Tariffs on BRICS

Dec 7, 2024, 01:32 PM

In a strategic move to bolster the international use of the Chinese yuan, several African banks are establishing operations in China. This initiative aligns with Beijing's broader goal of promoting yuan-based trade, particularly as it seeks to challenge the dominance of the US dollar. The push for yuan internationalization comes amidst warnings from the United States, where President-elect Donald Trump has indicated plans to impose 100% tariffs on BRICS nations that pursue de-dollarization efforts. These developments highlight a growing trend among African financial institutions to engage more closely with China, reflecting a shift in global economic dynamics.