African central bank governors meet over Chinese yuan

Picture taken 13 October 2007, shows a Chinese artist using Chinese yuan notes to creates a model of Beijing's Central Business District (CBD). China and the United States warned each other Wednesday that their booming but tense trade relationship was under threat from protectionism, as they began two days of top-level economic talks. AFP PHOTO/TEH ENG KOON (Photo credit should read TEH ENG KOON/AFP/Getty Images)

Fourteen Central Banks governors from eastern and southern African countries are meeting in Tanzania to among other things, discuss on the impact of the Chinese yuan’s inclusion into the basket of reserve currencies of the International Monetary Fund (IMF).

The theme for the meeting is “Implications of the IMF Adoption of Chinese Yuan as Part of the Special Drawing Rights Basket of Currencies”.

China is among Africa’s biggest trading partner with new investments in infrastructure, and gas and oil extraction.

A statement issued by the Central Bank of Tanzania said the meeting would also address critical issues that impact and affect the role of the central banks in the macro-economic and financial management of in the region.

Governors will come from the Macro-economic and Financial Management Institute of Eastern and Southern Africa (MEFMI) region.

Over 40 top central banks officials and technical experts are expected.

Other participants will come from the Bank for International Settlements (BIS) in Basel, Switzerland.