Kenya has converted its US dollar-denominated railway loans from China into the Chinese yuan, not only securing debt relief but also fitting into Beijing’s long-term goal of internationalising its currency.
Analysts said the decision, announced by Kenya last week, paved the way for other debt-stressed African countries and could ultimately draw them closer to China.
Kenyan Treasury Minister John Mbadi said on Tuesday that the country’s US$5 billion Chinese railway loans had been converted to…