Zambia was one of Africa’s main beneficiaries when China’s economy was expanding at full tilt. With copper its key export, China’s thirst for minerals helped the southern African nation enjoy a decade of economic boom.
But as concern over China’s slowdown triggers emerging market turbulence, Zambia is at the centre of a storm.
Its currency, the kwacha, has plummeted to all-time lows against the dollar in recent days, and has depreciated more than 30 per cent since January, making it the world’s worst performer after the Belarus rouble, says Bloomberg.
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