ON CAIRO ROAD, a bustling commercial strip in Lusaka, Zambia’s capital, traders and shoppers once haggled(讨价还价) over gadgets, furniture and other goods priced in dollars. For decades the greenback was similarly entrenched(根深蒂固的) across the Zambian economy. From car purchases to business contracts, large transactions were routinely settled in the American currency. Interest rate decisions made by the Federal Reserve in Washington rippled through(波及，传导) to the price of Zambian groceries and rents. When Zambia defaulted(违约) on its debt in 2020, the dollar’s strength at the time exacerbated(加剧，恶化) the fallout.
在赞比亚首都卢萨卡繁华的商业街开罗路上，商贩和顾客曾一度以美元计价讨价还价购买小玩意、家具等商品。几十年来，美元在赞比亚经济中同样根深蒂固。从购车到商业合同，大额交易通常以美元结算。华盛顿美联储的利率决定波及赞比亚的食品杂货和房租价格。2020年赞比亚债务违约时，当时美元的强势加剧了后果。
The southern-African country is now trying to wean itself from(使摆脱依赖) the greenback. Last October Zambia became the first country on the continent to accept mining royalties(特许权使用费) and taxes in yuan. This eases capital flows between Zambia and China, the biggest buyer of Zambia’s abundant copper and its biggest creditor(债权人). It also reduces Zambian exposure(敞口，风险暴露) to the dollar. What is more(更重要的是), since December the Bank of Zambia has required domestic transactions to be paid in local currency, boosting(推动，促进) demand for the kwacha. Offenders face fines, up to two years in prison or both.
这个南部非洲国家现在正试图摆脱美元。去年10月，赞比亚成为非洲大陆首个接受人民币缴纳矿业特许权使用费和税款的国家。这促进了赞比亚与中国之间的资本流动，中国是赞比亚丰富铜矿的最大买家和最大债权国。这也减少了赞比亚对美元的敞口。此外，自去年12月以来，赞比亚央行要求国内交易以本币支付，从而提振了对克瓦查的需求。违规者将面临罚款、最高两年监禁或两者并罚。
Zambia is illustrative(说明性的，典型的) of Africa in general. The dollar still dominates, with some 70% of the continent’s external public debt and many cross-border transactions still denominated(以……计价) in the currency. But countries are incrementally adopting alternatives to “king dollar(美元霸权)”.
赞比亚是整个非洲的一个缩影。美元仍占主导地位，非洲大陆约70%的外部公共债务和许多跨境交易仍以美元计价。但各国正逐步采用“美元之王”的替代品。
Unintended FX
意外的外汇影响
