Washington has recently noted that Ethiopia has started negotiations with China, planning to convert part of its $5.38 billion debt to China into RMB-denominated loans, following Kenya's previous example, to support the internationalization of the RMB. Getebe Woldu, Governor of the Ethiopian Central Bank, said in an interview in Washington that during his visit to Beijing last month, he had held preliminary discussions with the China Export-Import Bank and the People's Bank of China on potential currency swap agreements.
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