Zambia becomes first in Africa to accept mining taxes in yuan

A China yuan note is seen in this illustration (Photo by REUTERS/Thomas White)

Zambia has become the first African country to allow Chinese mining companies to pay taxes in yuan, a move aimed at reducing reliance on the US dollar and reflecting the country’s deepening economic ties with China. The policy shift was confirmed by the Bank of Zambia, according to News24.

According to Bloomberg Law, the change comes amid growing trade, investment, and debt links between Lusaka and Beijing, particularly in the mining sector, which is dominated by Chinese firms. Authorities say accepting yuan-denominated tax payments could help ease foreign-exchange pressures and improve liquidity in Zambia’s financial system.

Analysts view the decision as part of a broader trend toward currency diversification across parts of Africa, as countries seek to manage dollar shortages and rebalance external economic relationships in an increasingly multipolar global economy.

Payments using the Chinese currency started in October 2025.