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Zambia Embraces Yuan Tax to Alleviate Dollar Shortage

2/2/2026

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Summary

Story summary

Zambia began collecting taxes and royalties from Chinese mining firms in yuan as of January.
The move addresses a US dollar shortage and debt management, not geopolitical alignment.
Dr. Charles Mak of the University of Bristol says the shift is practical and that accepting the currency of Zambia's largest creditor eases balance-of-payments stress.
The shift may serve as a model for other resource-rich African nations with ties to China.

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Story summary

Zambia began collecting taxes and royalties from Chinese mining firms in yuan as of January.
The move addresses a US dollar shortage and debt management, not geopolitical alignment.
Dr. Charles Mak of the University of Bristol says the shift is practical and that accepting the currency of Zambia's largest creditor eases balance-of-payments stress.
The shift may serve as a model for other resource-rich African nations with ties to China.