The Bank of Central African States (BEAC) is preparing to change the way it manages its foreign exchange reserves. To better reflect the realities of trade flows within the Central African Economic and Monetary Community (CEMAC), the institution is considering including the Chinese yuan in its foreign exchange reserves. This transition would come at the expense of the traditional dollar-euro duopoly, reflecting China's growing importance as the region's leading trading partner.

This policy was formalized in Yaoundé during a meeting between the Governor of the BEAC (Bank of Central African States), Yvon Sana Banhui, and a delegation from the technology giant Huawei, led by Fernando Liu, President of the Central Bank division of Huawei Digital Finance. Beyond the digital aspect, the discussions highlighted the need for the central bank to secure and trace all financial flows with Beijing in order to curb informal networks and strengthen the economic sovereignty of the sub-region.

Optimize exchanges with Beijing and modernize the institution

The adoption of the yuan is primarily driven by a logic of economic efficiency. Currently, transactions between the CEMAC and China are conducted using key currencies (the dollar or the euro), resulting in costly successive conversions and exposing operators to exchange rate risks. By directly incorporating the yuan into its reserves, the BEAC aims to:

1. Reduce transaction costs for local businesses.
2. Accelerate trade settlements (particularly for the import of technological goods, industrial equipment and consumer goods).
3. Securing financing for imports from China.

Furthermore, the partnership with Huawei paves the way for a large-scale technological modernization. The Chinese group showcased its unified cloud, artificial intelligence, and central bank digital currency (CBDC) solutions to streamline and audit cash flows in real time. To formalize this cooperation and advance the diversification of reserves, an official visit by the Governor of the BEAC to his counterpart at the People's Bank of China is already planned.

Financing the real economy: The BEAC-IMF standoff

Alongside this monetary shift, the BEAC is engaged in a complex negotiation with the International Monetary Fund (IMF) regarding support for local industrialization. On April 2, 2026, the central bank suspended its special refinancing window , a key mechanism designed to support medium-term loans for regional production projects.

This temporary suspension follows pressure from the IMF, which is concerned about the decline in foreign assets recorded in 2025. The Washington-based institution's argument is purely macroeconomic:

"In a situation of fragile foreign exchange reserves, any financing of projects translates into imports, which has an immediate consequence on our reserves," summarizes Governor Yvon Sana Banhui.

For the IMF, preserving foreign exchange reserves is vital to maintaining the stability of the CFA franc's fixed exchange rate. However, the BEAC refuses to sacrifice long-term investment to a temporary strain on reserves. Rather than permanently eliminating this tool, the central bank has chosen an intermediate position: the mechanism is frozen , and a working group has been tasked with conducting an international comparative assessment to determine its effectiveness.

Cameroon at the forefront of the industrial challenge

The value of this refinancing facility is particularly evident in Cameroon, which accounts for nearly half of the banking sector in the region. In 2025, this mechanism approved major financing projects, such as the Bipindi-Grand-Zambi iron ore mining project and the investment plan of the public telecom operator Camtel.

Determined to support the regional economic fabric, the BEAC has also strengthened its cooperation with the Development Bank of Central African States (BDEAC), injecting 120 billion CFA francs. "We fully embrace our mission and our commitment to supporting our community," emphasizes Yvon Sana Banhui.

The CEMAC thus finds itself at a crossroads: it must arbitrate between the financial orthodoxy advocated by the IMF to guarantee the credibility of its currency, and the pressing need to stimulate a real economy lacking substantial financing. For the time being, the BEAC is stalling, but the debate is now crucial for the macroeconomic future of Central Africa.