Sociology of Africa: Chinese Yuan and US dollar compete in African markets

Friday, October 10, 2014

Chinese Yuan and US dollar compete in African markets

By Tonderayi Mukeredzi

The Africa Report - Friday, 10 October 2014

A number of African central banks are applying to the Chinese Central Bank for currency swaps, with Zimbabwe and Ghana already using the RMB as part of their reserve currency. Nigeria could also shift more of its foreign reserves into Chinese yuan from dollars as the RMB gains greater traction in global trade. In March this year Zimbabwe joined a growing list of countries in Africa and the world using the Chinese currency, yuan, also known as remnibi (RMB), as one of its official currencies after its central bank added the RMB, the Japanese yen, the Australia dollar and the Indian rupee to the existing basket of currencies. Zimbabwe abandoned its currency in 2009 when it was rendered worthless by excessive inflation. Since then, it has been using a basket of currencies dominated by the US dollar. In announcing the decision to adopt the yuan and other currencies, the then Reserve Bank of Zimbabwe acting governor, Charity Dhliwayo, said that the southern African country's trade and investment with China, India, Japan and Australia "had grown appreciably."

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Recommended Books on Africa, Africana and Black Studies

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Maulana Karenga. Introduction to Black Studies. University of Sankore Press, 2010.
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James L. Conyers. The Evolution Of Africology: An Afrocentric Appraisal. Journal of Black Studies, May 2004; vol. 34: pp. 640 - 652.
Mark Christian. Black Studies in the 21st Century: Longevity Has Its Place. Journal of Black Studies, May 2006; vol. 36: pp. 698 - 719.
Molefi Kete Asante. A Discourse on Black Studies: Liberating the Study of African People in the Western Academy. Journal of Black Studies, May 2006; vol. 36: pp. 646 - 662.
A. Adu Boahen. African Perspectives on Colonialism. John Hopkins University Press 1989.
David Birmingham. Decolonization Of Africa. Routledge 1995.
Frederick Cooper. Africa since 1940: The Past of the Present. Cambridge University Press, 2002.
Terry Kershaw. Toward a Black Studies Paradigm: An Assessment and Some Directions. Journal of Black Studies, Jun 1992; vol. 22: pp. 477 - 493.
Mervat Hatem. Africa on My Mind. International Journal of Middle East Studies. (41) 2009.
Carolyn Somerville. The “African” in Africana/Black/African and African American Studies. International Journal of Middle East Studies. (41) 2009.
Terence Walz. The Fruit of the Africanist Contribution. International Journal of Middle East Studies. (41) 2009.
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Appiah, Kwame Anthony. 1992. “The Invention of Africa.” Pp. 3-27. In My Father’s House: Africa in the Philosophy of Culture. New York: Oxford University Press.
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Grant-Thomas, Andrew and john a. Powell. 2009. “Structural Racism and Color Lines in the United States. Pp. 118-144 in Twenty-First Century Color Lines: Multiracial Change in Contemporary America. Edited by Andrew Grant-Thomas and Gary Orfield. Philadelphia: Temple University Press. X
Mazrui, Ali. 2005. The Re-invention of Africa: Edward Said, V. Y. Mudimbe, and Beyond. Research in African Literatures 36 (3): 68-82.
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Peterson, Scott. Me Against My Brother: At War in Somalia, Sudan, and Rwanda. New York: Routledge, 2000.

Tugrul Keskin - Assistant Professor of International and Middle Eastern Studies

Tugrul Keskin is an Assistant Professor of International and Middle Eastern Studies and an affiliated faculty of Black Studies, Sociology and the Center For Turkish Studies at Portland State University. He is also the Middle East Studies Coordinator (INTL). His research and teaching interests include Sociology of Islam and the Middle East, Social and Political Theory, Post-Colonial Theory, Islamic Movements, Development and Urbanization in the Middle East, Sociology of Africa, and Modern Kurdish, Uyghur and Turkish Nationalism. Previously, Dr. Keskin taught as an instructor of Sociology and Africana Studies at Virginia Tech University and has also taught as a Visiting Assistant Professor of Sociology at James Madison University and Radford University. He received his PhD in Sociology from Virginia Tech, with certificate degrees in Africana Studies, Social and Political Thought, and International Research and Development. He is the founder and moderator of the Sociology of Islam mailing list, and editor of the Sociology of Islam and Muslim Societies Newsletter: http://www.pdx.edu/sociologyofislam. Dr. Keskin has recently had his edited book, The Sociology of Islam: Secularism Economy and Politics published by Garnet/Ithaca Press, 2011. Tugrul Keskin is a board member of Sociologists Without Borders and serves as a book review editor of Societies Without Borders http://societieswithoutborders.org/.