china china china.. swali tu, are our savings safe ama zitakuwa useless in some years?

[SIZE=7]Kenya considering adoption of Chinese yuan as reserve currency[/SIZE]
CGTN Africa
Kenya is considering the adoption of the Chinese yuan as a reserve currency, its central bank governor said on Tuesday.
Patrick Njoroge, the Governor of the Central Bank of Kenya (CBK), told journalists in Nairobi that a number of African countries are also contemplating including the renminbi as part of their foreign exchange reserves.
“It is inevitable that Kenya will include the Chinese yuan as a reserve currency. The only question is when and the timing will be determined by a number of short term factors,” Njoroge said during the Guangzhou-Foshan Nairobi Business forum.

Siwes mind both :slight_smile:

Let it come

Sio mbaya. Mi sioni shida ikowapi. Wacha America wapate competition. Mambo ya dollar kutumiwa kama weapon through sanctions iishe. Siku hizi America ni kusanction tu watu and that is possible only because dollar is the global currency

China has been seeking this globally. It wants to wrestle the dollar’s monopoly as a reserve currency

You should at least educate yourself on what currency reserves mean before you publicly embarrass yourself

oh shut up and sit in the corner… adults are talking

swali ni… whats in it for kenyans, more loans, mortgaged natural resources and what if the yuan loses value as its predicted?

The tall one on the right kitu safi kabisa Weh

Since we have currency reserves in Euros, pounds, and the US dollar. What is in it for us???

And given that we import more from China than the U.S it makes little sense for us to buy the dollar, pay the China man, the China man buys the Yuan. Buy the Yuan straight and cut the intermediaries. Then since all dollar transactions have to go thru. the U.S banking system, that’s a trade risk for China that need not be there

Pana tambua yuan. Salary nalipwa na dollar and this Chinese chieth won’t make things any better. Ikuje isikuje hakuna mtu anajali

woi you are as dense as a brick… all that will make it easier for china to take over kenya. itakuwa endless cycle ya borrow and buy china

5 years later na bado tunaongea…

SEPTEMBER 18, 2013
AFRICA INVESTMENT-Kenya aims to host Africa’s first yuan clearing house

patrick njoroge (central bank governor) was talking about it saturday kama unasomaga business section…

I do not think you understand the basic concept of currency reserves. So I will stop engaging you in any further discussion

Yes, his predecessor spoke about it 5 years ago, all talk, no action. Kenya’s debts to China are denominated in US dollars. Doing it after the fact is a little too late unless of course it is new debt we are seeking to drown ourselves in.

Iko shida. Uncle Sam ataleta shida ajaabu. The use of the US dollar as the de-facto currency gives them alot of leverage which they are not going to relinquish without a fight.

Part of the reason Gadaffi was removed was because he was pushing for a Pan-African currency - and many West African countries were at least considering it - something that would have been very catastrophic for France.