Ethiopia in Talks With China to Convert Dollar Loans to Yuan

Ethiopia started talks with China to convert at least part of the $5.38 billion it owes Beijing into yuan-denominated loans, following an example set by Kenya that bolsters China’s efforts to internationalize its currency.

Eyob Tekalign, Ethiopia’s central bank governor, began discussions for a potential swap with the Export-Import Bank of China and the People’s Bank of China during a visit to Beijing last month, he said in an Oct. 17 interview in Washington, where he attended the International Monetary Fund’s annual meetings.