Africa’s largest trading partner China, which has invested heavily in Zimbabwe in recent years, has reached a currency swap agreement with the country aimed at strengthening trade.
The deal, which follows a visit by Chinese foreign minister Wang Yi to Harare, will make it easier for Chinese businesses in Zimbabwe to move their funds out of the country. Currency swap involves exchange of money in one currency for an equal amount in another currency, and companies doing business abroad often use it to get more favorable loan rates. (RT)
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