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China tightens links with ‘rich’ Africa to feed her thriving economy
China’s Ambassador to Kenya Liu Guangyuan and Kenyan minister Hellen Sambili at a function at the Chinese Embassy in Nairobi early last month. A Chinese government delegation visited the country last month to find more trade opportunities. File
There are some key forces both pushing and pulling China into Africa. First, China now has the world’s largest amount of foreign reserves, reaching $3 trillion, more than twice that of Japan and far larger than most other countries.
Up to now a large portion of these reserves have gone into US government debt but increasingly China is finding the necessity to diversify those reserves because of the growing precarious situation with the US Dollar and concerns about US government debt.
