Renminbi Becomes One of Foreign Currencies Zimbabwe Uses

choi

Adam Taylor, Zimbabwe’s Curious Plan to Adopt China’s Currency. Washington Post, Dec 23, 2015.
https://www.washingtonpost.com/n ... pt-chinas-currency/

Note:
(a) "Six months ago, Zimbabwe's central bank announced that it was finally phasing out the local currency, the Zimbabwean dollar, after years of hyperinflation had left the currency virtually worthless. Zimbabweans were told that they would be able to exchange bank account balances of up to 175,000,000,000,000,000 [175,000 trillion] Zimbabwean dollars for just 5 US dollars * * * the Zimbabwean dollar (and the $100 trillion notes that it eventually required)"
(b) "In recent months, some Zimbabwean economists had argued that the country should increase its use of the Chinese currency in a bid to get around US sanctions."

Zimbabwe
https://en.wikipedia.org/wiki/Zimbabwe
(Since Jan 1, 2002, the government of Zimbabwe has had its lines of credit at international financial institutions frozen, through US legislation called the Zimbabwe Democracy and Economic Recovery Act of 2001 (ZDERA). Section 4[(c)] instructs the Secretary of the Treasury to direct directors at international financial institutions to veto the extension of loans and credit to the Zimbabwean government. According to the United States, these sanctions target only seven specific businesses owned or controlled by government officials and not ordinary citizens")

Why the sanctions? See Zimbabwe Democracy and Economic Recovery Act of 2001
https://www.congress.gov/107/plaws/publ99/PLAW-107publ99.pdf
(Section 4(a) stipulated, "Congress makes the following findings: (1) Through economic mismanagement, undemocratic practices, and the costly deployment of troops to the Democratic Republic of the Congo, the Government of Zimbabwe has rendered itself ineligible to participate in International Bank for Reconstruction and Development and International Monetary Fund programs")