Zanu (PF) plans to use Chinese Yuan after elections

Masvingo, – President Robert Mugabe and his former ruling party, Zanu (PF) are planning to replace the US dollar with the Chinese Yuan as the country’s official currency if it wins the elections, it has been revealed.\r\n

A politburo member, the party’s supreme Soviet style decision making body outside congress, who declined to be named told Radio VOP that the party had agreed to use the Chinese currency in a bid to intensify its ‘look east policy’ as well as to do away with the dollar from the western country that is refusing to lift sanctions
imposed to the country.

The party insider said this was in the party’s ‘Blue print’ which will be unveiled when the elections campaign starts and the move is set to make China a tight economic partner with Zimbabwe.

He added that the party had proposed to use the currency last year but was blocked by the two MDC formations who shot the idea down in a cabinet meeting hence this could only be done if it wins the elections and forms a Zanu (PF) exclusive government.

“As Zanu (PF) we agreed to do away with everything that comes from the west and in our campaigning manifesto we have pointed out that the Chinese currency will be our next official currency in the country before we bring back the Zimbabwean dollar” he said .

He said Zanu (PF) was doing this after realising its rapid growth of relationship with countries from the east rather than the west who are almost its enemies as they continue to push for sanctions and the ouster of their party from government.

Sanctions will be used as Zanu (PF)’s trump card in this year’s elections and the Party’s first secretary, Mugabe, is expected to launch an anti-sanctions petition expected to be signed by two million people at Mucheke stadium here next Thursday.

Zanu pf spokesperson Rugare Gumbo declined to comment.

Meanwhile the Reuters News Agency quoted Chinese Foreign Minister Yang Jiechi saying Beijing was seeking to further strengthen its ties with Zimbabwe, country isolated by the West under Mugabe’s rule.

Mugabe has been shunned by Western countries for the last decade over charges of human rights abuses and vote fraud and has looked to China to shore up a shattered economy by showcasing rich mineral resources which China covets.

"Zimbabwe is an important partner country in southern Africa," Yang told journalists late on Thursday after his arrival in Zimbabwe for an official visit.

"China is ready to work with Zimbabwe to further enhance political mutual trust, expand mutually beneficial cooperation and steadily elevate our friendship and cooperation."

A government minister told Reuters last month that the state-run China Development Bank could fund up to $10 billion in Chinese investment in Zimbabwe’s mining and agriculture sector.

But analysts say the announcement could be aimed at trying to prod wary Western investors into sinking more money into Zimbabwe out of fear they will lose ground to China.

A private weekly reported last week that Beijing had offered Zimbabwe $3 billion for vast platinum reserves but said the deal was likely to be rejected by the government over its terms.

Yang will meet unity government partners Mugabe and Prime Minister Morgan Tsvangirai on Friday.