This week Zimbabwe announced that it will now accept the Chinese yuan, the Australian dollar, the Indian rupee, and the Japanese yen. These currencies join the American dollar and the South African rand as legal tender in Zimbabwe.
Recently Zimbabwe has embarked on a Look East Policy, looking toward Asian nations to help its struggling economy. It has invited Chinese investments in diamond mining, construction, and retail. However, economists do not expect the move to affect the economy of this south African nation significantly.
Zimbabwe is the first nation other than China to use the yuan as legal tender. In comparison, the United States dollar is used in the United States, East Timor, Ecuador, El Salvador, and Panama.
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