The Bank of China will enhance trade in renminbi with Zambia and other southern African countries, aiming to reduce the reliance on the USD. This move aligns with Beijing’s strategy to promote the renminbi’s global usage. Zambia, a major copper producer with China as a chief consumer, has seen strained relations with China, its largest creditor, since defaulting on its external debt of about USD 12.7 bln in 2020. The bank’s exposure to Zambia’s debt was approximately USD 70 mln by the end of last year.