Zambia Becomes First African Country to Accept Chinese Yuan for Mining Taxes

On 31 December 2025, the Bank of Zambia confirmed that the Zambian Government has been accepting the Chinese Yuan, also known as the renminbi, as a currency for mining taxes. Zambia is Africa’s 2nd largest copper producer, and many of the copper mines are operated by Chinese firms.

In so doing, it is a win-win for both Zambia and China. China is the largest trading partner of Zambia, which can use the Renminbi to pay for its imports from China. Also, Zambia can service its debt payments to China in renminbi, without going through the dollar, thus streamlining the process.

“A large portion of copper exports go to China and the Chinese mining firms already receive some, if not all, of their payments for their exports to China in renminbi. he Bank of Zambia has the diversification and building-up of its reserves as a key objective, and purchasing renminbi enables the bank to actualize this objective. Holdinng yuan enables Zambia to service its debts to China in a more cost-effective manner.”

Bank of Zambia Spokesperson

The Bank of China has thus adjusted its basket of reserves accordingly to hold more Chinese Yuan. Zambia thus becomes the testing ground for the internationalization of the renminbi.

Ethiopia is also in talks with China to promote the use of the renminbi. In October 2025, Kenya announced that it has converted part of its Chinese debt into renminbi, to ease pressure on its public debt. Kenya owes nearly USD 5 billion to the EXIM Bank of China for the SGR Railway from Mombasa to Nairobi. With that conversion, Kenya expects to save a substantial amount while servicing its debt.