Egypt, Nigeria and South Africa, three of Africa’s biggest economies, have agreed new currency swaps with China as the share of trade settled in yuan expands. Kenya has converted dollar-denominated loans into yuan, potentially saving up to $215m a year in interest costs, equivalent to nearly a fifth of its debt-service payments to China in 2025. Around two-thirds of the country’s outstanding debt to China is now denominated in yuan. Ethiopia and Mozambique are negotiating similar arrangements.
South Africa? Not a chance.