BRICS: China & Africa to Sign Deal, Trade in Chinese Yuan
In the latest BRICS developments, China is advancing to generate a trade deal worth $19 billion with Africa and use the Chinese Yuan as payment. The ongoing China-Africa Economic and Trade Expo aims to defy the Western ‘debt trap’ and usher in a new era fostering trade ties, according to a report. The move comes when a handful of African countries are looking to join BRICS and accept the new currency. The annual trade expo aims to strengthen long-term trade partnerships and is expected to generate $19 billion in deals. Also Read: BRICS : 5 New Countries To Join BRICS Alliance in August The multi-billion dollar BRICS trade deal could be settled in the Chinese Yuan and not the U.S. dollar. The development comes at a time when Kenyan President William Ruto urged Africa n nations to stop using the U.S. dollar for global trade. Ruto asked African countries to pay with the U.S. dollar while settling cross-border transactions with the U.S. only. He advised Africa to use the