Africa decided to join the battle against the greenback’s supremacy. With such a mighty ally, the US dollar has little chances to maintain the status of the world currency. Governments of several African states announced plans to increase the volume of yuan transactions. At the latest African forum, deputy governors of central banks of the Eastern and South African countries, including Angola, Botswana, Burundi, and Kenya, as well as Lesotho, Malawi, Mozambique, Namibia, Rwanda, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe, said that China has a considerable impact on the local businesses and it would be reasonable to increase the share of the Chinese national currency in the international payments.
Director of the Macroeconomic and Financial Management Institute of Eastern and Southern Africa Caleb Fundanga said: “The general conclusion is that we should use the yuan more because its time has come. We are doing more business with China so it's natural that we use the currency of the country with which we are trading. Just the way we have been using the US dollar and the euro, we want to use the Chinese currency more in our transactions because it is to our benefit.” However, some experts think that it is premature to talk about a complete refusal of the US dollar. This process is going to be very complicated and time-consuming. Besides, even if the greenback loses its power, the situation is unlikely to change. Another currency and another country will take the leading position. The idea of a financial parity is just an utopia.
