China Claims Currency Victory in Zambia, but Yuan Internationalization Remains a Myth

Zambia’s limited use of the yuan highlights the myth of de-dollarization.A Chinese bank employee counts 100-yuan notes and U.S. dollar bills at a bank counter in Nantong in eastern Jiangsu Province, China, on Aug. 28, 2019. STR/AFP via Getty Images2/9/2026|Updated: 2/9/2026CommentaryZambia’s limited acceptance of yuan payments for mining taxes is being promoted by Beijing as a currency breakthrough, but the move reflects debt management and cost efficiency rather than genuine de-dollarization.Antonio Graceffo, Ph.D., is a China economy analyst who has spent more than 20 years in Asia. Graceffo is a graduate of the Shanghai University of Sport, holds an MBA from Shanghai Jiaotong University, and studied national security at American Military University.Author’s Selected Articles