African States Mull Adopting Yuan as Forex Reserve –Chinese Official

African countries discussed adopting the yuan currency as a foreign exchange reserve during meetings with China at a summit in South Africa, a senior Chinese official said on Friday, according to Reuters.

"Some countries raised this at bilateral meetings. Leaders of both sides attach great importance to this issue," Special Representative of the Chinese Government on African Affairs Zhong Jianhua said, without elaborating.

The issue was raised following the adoption of yuan like the dollar by the International Monetary Fund (IMF) as global finances.

Chinese President Xi Jinping earlier pledged 60 billion dollars for development projects in Africa at the start of the two-day summit of the Forum on China-Africa Cooperation.

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