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Zimbabwe announced last week that it would shift to the Chinese yuan as its reserve currency.
A reserve currency is a foreign currency held in large quantities by governments and financial institutions to pay international debts.
"Reserve currency is held in order to support the value of national currencies," writes Justin Kuepper, international investing expert, on the website International Invest.
Patrick Chinamasa is Zimbabwe's Minister of Finance and Economic Development. He said China agreed to cancel about $40 million of Zimbabwe's debts this year.
He also said the move was a sign of the friendship between China and Zimbabwe, a poor country in southern Africa.
It is also a sign of the growing economic ties between China and Zimbabwe. China is Zimbabwe's largest foreign investor, with interests ranging from construction and energy to telecommunications.
Local economists said Zimbabwe is flooded with foreign currencies since the inflated Zimbabwean dollar collapsed in 2009.
津巴布韦上周宣布将把人民币作为储备货币。
储备货币是政府和金融机构大量持有的、用于支付国际债务的外国货币。
国际投资网的国际投资专家贾斯丁・库博说,“持有储备货币是为了支撑国家货币的价值。”
帕特里克是津巴布韦金融与经济发展部长,他说今年中国同意取消津巴布韦的大约4000万美元的债务。
他还说,此举是为了表示中国和津巴布韦这个南非穷国的友谊。
这同时也表明了中国与津巴布韦日益紧密的经济关系,中国是津巴布韦最大的外国投资者,其在津巴布韦的利益涉及建筑业、能源业与电信业等。

中国还是津巴布韦产品的最大出口方,主要是烟草和矿产,比如金和钻石。
当地经济学家称,自从通胀的津巴布韦货币2009年崩溃以来,津巴布韦就充斥着外国货币。
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