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China to Promote Yuan in Africa Trade and Investment, Daily Says

China will promote its currency for settling trade and investment with Africa, the China Daily reported today, citing Li Dongrong, the assistant governor of the People’s Bank of China.

China’s central bank will encourage the use of the yuan, also known as the renminbi, as demand for the currency in Africa increases and the continent’s economy expands, Li said at a forum in Beijing yesterday, according to the report. More African nations will include the yuan in their foreign-reserve portfolios, the newspaper said, citing unidentified central-bank governors at the forum.