African countries should hasten the adoption of the Chinese legal tender — yuan — as a reserve currency amid increased bilateral trade with China, a Kenyan economist said.
Bernard Ayieko, a Nairobi-based economist said in a commentary published by the Business Daily newspaper that the adoption of the yuan would boost the ability of African countries to attract new investments and trade favourably at the global market.
“The Chinese growing influence and the increase in Sino-Africa relations have brought to the fore a debate on the African countries’ need to adopt the renminbi as a currency reserve,” Ayieko added.
He said that the internalisation of yuan, or renminbi, would boost globalisation and foreign trade that Africa could leverage to propel growth.
“The call to internationalise the renminbi continues to reverberate across the world.