{"id":18500,"date":"2020-01-25T18:36:02","date_gmt":"2020-01-25T16:36:02","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=18500"},"modified":"2020-01-25T18:36:02","modified_gmt":"2020-01-25T16:36:02","slug":"zimbabwe-freezes-chinese-firms-account-over-currency-manipulation","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimbabwe-freezes-chinese-firms-account-over-currency-manipulation","title":{"rendered":"Zimbabwe freezes Chinese firm&#8217;s account over currency manipulation"},"content":{"rendered":"<p>HARARE (Reuters) &#8211; Zimbabwe\u2019s central bank has frozen an account of a Chinese company it accused of manipulating the local currency, which lost ground against the dollar on the black market this week.<\/p>\n<p>The southern African nation reintroduced the Zimbabwe dollar last June, ending a decade of dollarisation, but this resulted in runaway inflation, which economists say reached 520% in December.<\/p>\n<p>Reserve Bank of Zimbabwe (RBZ) governor John <a href=\"https:\/\/en.wikipedia.org\/wiki\/John_Mangudya\">Mangudya<\/a>, in a statement late on Friday, singled out unlisted China Nanchang as a currency manipulator.<\/p>\n<p>Mangudya said the RBZ financial intelligence unit (FIU) had identified Nanchang as a company that had used millions of Zimbabwe dollars to buy greenbacks on the black market, weakening the local unit.<\/p>\n<p>Nanchang is the major contractor for the construction of a dam that is set to supply water to Zimbabwe\u2019s drought-hit second biggest city Bulawayo, among other government contracts.<\/p>\n<p>\u201cThe FIU has ordered the freezing of the identified account pending further analysis and is undertaking ongoing surveillance to identify more culprits involved in the parallel market transactions,\u201d Mangudya said.<\/p>\n<p>The central bank did not say if the account was held with RBZ or with another bank.<\/p>\n<p>A spokesman for Nanchang could not immediately be reached for comment.<\/p>\n<div class=\"PrimaryAsset_container\">\n<div class=\"Image_container\">\n<figure class=\"Image_zoom\">\n<div class=\"LazyImage_container\">\n<div class=\"LazyImage_image LazyImage_fallback\"><\/div>\n<\/div>\n<div class=\"Image_expand-button\" role=\"button\" aria-label=\"Expand Image Slideshow\"><\/div>\n<\/figure>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>HARARE (Reuters) &#8211; Zimbabwe\u2019s central bank has frozen an account of a Chinese company it accused of manipulating the local currency, which lost ground against the dollar on the black market this week. The southern African nation reintroduced the Zimbabwe dollar last June, ending a decade of dollarisation, but this resulted in runaway inflation, which [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":13258,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[450,653],"class_list":{"0":"post-18500","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-mangudya","10":"tag-rbz"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zimbabwe freezes Chinese firm&#039;s account over currency manipulation - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-freezes-chinese-firms-account-over-currency-manipulation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe freezes Chinese firm&#039;s account over currency manipulation\" \/>\n<meta property=\"og:description\" content=\"HARARE (Reuters) &#8211; Zimbabwe\u2019s central bank has frozen an account of a Chinese company it accused of manipulating the local currency, which lost ground against the dollar on the black market this week. The southern African nation reintroduced the Zimbabwe dollar last June, ending a decade of dollarisation, but this resulted in runaway inflation, which [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-freezes-chinese-firms-account-over-currency-manipulation\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-25T16:36:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/2019\/09\/2806-1-1-MANGALISO-NDLOVU-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"680\" \/>\n\t<meta property=\"og:image:height\" content=\"380\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-freezes-chinese-firms-account-over-currency-manipulation\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-freezes-chinese-firms-account-over-currency-manipulation\",\"name\":\"Zimbabwe freezes Chinese firm's account over currency manipulation - 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