Kenya in Talks with China to Convert Debt to Yuan

Graph via Bloomberg

Kenya’s Treasury Secretary John Mbadi said his government is in talks with Chinese counterparts to convert the denomination of its debt to China from U.S. dollars to Chinese renminbi.

“The moment we move from the U.S. dollar to the renminbi, automatically, the interest rate reduces by almost half,” Mbadi said. “To us, that is a big saving.” Kenya spends about $1 billion per year to service its Chinese debt.

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