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Roundup: Africa bank governors to meet over Chinese yuan's inclusion into IMF reserve currencies

Xinhua, June 19, 2016 Adjust font size:

Fourteen Central Banks governors from eastern and southern African countries will meet in Tanzania on Monday 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 on Saturday by the Central Bank of Tanzania said the meeting will 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.

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

The statement issued in the east African nation's business capital Dar es Salaam said the meeting will also attract over 40 top central banks officials from the MEFMI region and technical experts from Investec Asset Management, the financial partner for the meeting.

Other participants will come from the Bank for International Settlements (BIS) in Basel, Switzerland, said the statement, adding that the meeting will be held back to back with the Bank of Tanzania Golden Jubilee celebrations on June 22, 2016.

The governors' forum is one of the executive forums on MEFMI's annual calendar of events meant to assist in developing and sustaining a crop of more informed policy makers in the region, said the statement.

It said each event is uniquely crafted in an effort to address critical issues that impact and affect the role of the central banks in the macro-economic and financial management of the region.

"The forums are also used to come up with a common understanding of both prevailing and emerging economic issues," said the statement.

The theme is highly relevant to the MEFMI region, particularly the central banking community as they are the custodians of foreign exchange reserves and facilitators of international trade settlements. Endit