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Chinese yuan challenges U.S. dollar as African trade embraces other currencies

Section: Daily Dispatches

By Jevans Myabiage
South China Morning Post, Hong Kong
Sunday, January 21, 2024

When you land at the Kenneth Kaunda International Airport in Lusaka, Zambia, one of the billboards welcoming you to the Zambian capital advertises the services of the Bank of China.

There are not many countries in Africa where the Chinese government-owned financial institution offers fully fledged banking services in yuan, the Chinese currency.

In addition to Zambia, the BOC has a branch in Johannesburg, South Africa, as well as a representative office in Kenya's capital, Nairobi.

But it was in the southern nation of Zambia where BOC established its first African subsidiary, allowing customers to make deposits in and even withdraw Chinese yuan. 

Branches in both Lusaka and Kitwe, a mining town in the country's northern copper belt, serve the growing number of Chinese mining firms and immigrants.

Recently the lender also announced that its Zambian division would help to boost the use of the yuan for trade as part of China's efforts to promote the Chinese currency in Africa. ...

... For the remainder of the report:


Guanajuato Silver Commences Processing
Third-Party Gold and Silver at El Cubo

Company Announcement
Wednesday, January 17, 2024

VANCOUVER, British Columbia, Canada -- Guanajuato Silver Company Ltd. (TSXV:GSVR) (OTCQX:GSVRF) announces commencement of a relationship with a Mexican silver mining company to process a portion of its surface inventory of mineralized material at Guanajuato Silver's wholly owned El Cubo mines complex in Guanajuato, Mexico.

Guanajuato Silver's chairman and chief executive officer, James Anderson, said: "We are excited to have reached this agreement, which will use a considerable amount of the excess capacity that exists at our El Cubo mill. We believe both parties will benefit from this agreement, as we collectively look to expand silver production in the Guanajuato area through the processing of low-cost and readily available material.

"With additional unutilized capacity still available at El Cubo, we continue to pursue similar business agreements with other mining groups in the area." ...

... For the remainder of the announcement:

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