ZAMBIA has started accepting China’s yuan for mining taxes and royalties, becoming the first African nation to do so, according to a report by Bloomberg. 1 Chinese Yuan is trading at 3.15 Kwacha today. Meanwhile, economist Trevor Hambayi says the country should have waited until the yuan became a widely recognised international trading currency before making such a move. Bloomberg reported that according to the central bank, holding a portion of foreign-currency reserves in renminbi (yuan) will also enable Zambia to service its debts to China in a more cost-effective manner. “Chinese mine operators in Zambia started paying royalties and taxes in yuan in Africa’s second-biggest copper producer, the latest sign of the growing acceptance of the currency on the...