Zimbabwe freezes Chinese firm's account over currency manipulationZimbabwe’s 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 economists say reached 520% in December. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, in a statement late on Friday, singled out unlisted China Nanchang as a currency manipulator. The central bank did not say if the account was held with RBZ or with another bank. The Zimbabwe dollar was trading at 25 to the U.S. dollar on the black market on Saturday compared to 22 last week. On the official market, the local currency was pegged at 17.

Source: Standard Digital January 26, 2020 06:56 UTC