With the dollar sinking below 6.7290 yuan, China has increased military gear exports to Africa

According to the China Foreign Exchange Trade Bank, the value of one United States dollar expressed in Chinese yuan as of May 11 was 6.7290 yuan. This is a decrease of 156 pips from the previous trading day.

According to reports from the Xinhua news agency, the value of the yuan changes by approximately 2% per day on the Chinese currency market.

The conversion rate for dollars to yuan is determined the day before the bank currency market opens by looking at the market’s overall average value.

The pandemic caused by the Kovis-19 virus has resulted in two issues for the economy of China: a declining labor force and an increasing number of old people.

According to the findings of a recent survey that was carried out by the Employment Research Institute (CIER) and the Chinese job search website Zhaopin in the fourth quarter of 2021, the employment outlook for Chinese college graduates has worsened to 0.88. This information was obtained from the Hong Kong Post.

In 2020, China’s employment rate was 12.07 percent, which was much lower than the 12.79 percent recorded for 2019. The projections made by the National Bureau of Statistics indicate that the rate of urban unemployment will get as high as 14.3 percent by the year 2021. (NBS).

As part of China’s strategy to considerably expand its strategic footprint in Africa, the country is assisting African countries by supplying them with defensive equipment and infrastructure.

According to the Center for Global Development at Boston University, China signed 27 defense spending agreements with African countries between the years 2000 and 2020, and the combined value of those deals was $3.5 billion.

The majority of the funds that were borrowed were used to acquire arms and training, as well as provide accommodation for law enforcement and military personnel.

Zambia’s motorways and roadways have been constructed with the assistance of financing from China. Dams and airports together cost a total of $2 because of their combined costs. Cameroon was the next recipient of Chinese military assistance, receiving $333 million; Tanzania received $285 million; Zimbabwe received $257 million; Sudan received $121.1 million; Sierra Leone received $16 million; and Namibia received $9 million.

According to John Kalabres, who is the director of the Middle East-Asia project at American University in Washington, Rhodesia put sanctions on Zambia in the 1970s for the country’s copper exports. As a direct result of these sanctions, relations between the two nations deteriorated. On the other hand, China and Zambia have become more friendly with one another during the past several years.

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