🔹Chinese investment is retreating from the West as hostility to Chinese capital has grown. Increasingly, Chinese 🇨🇳 companies are instead spending money on factories in Southeast Asia and mining and energy projects in Asia, the Middle East and South America.

🔹Change in share of Chinese overseas investment since 2016 (percentage points) in the USA is down🔻25% and in Europe down🔻10%. The opposite is true for East Asia which is up🔼almost 20% and similar for the Middle East and North Africa combined.

🔹Overseas investment by China 🇨🇳 fell to around $147 billion in 2022, a decline of 18% compared with a year earlier. It peaked at $196 billion in 2016. In 2016, Chinese companies and state-owned entities made 120 investments worth ($84 billion) in G-7 nations but only 13 last year worth $7.4 billion (18% of China’s total investments overseas).

🔹The yuan was used in 49% of China's cross-border transactions last quarter, topping the dollar for the first time. However, in June the yuan was used for 2.77% of total global trade through the SWIFT 🌐 system (excludes bilateral trade settlement systems). Yuan-denominated international payments last quarter grew 11% on the year.

🔹The IMF may have to accept the Chinese yuan as a currency for countries to settle their obligations with the IMF following Argentina’s 🇦🇷 recent debt repayment in yuan, since the yuan is part of the IMF's SDR basket of currencies.

Video source - Sean Foo

🔹An attempted coup is under way in the fragile state of Niger 🇳🇪, after members of the Presidential Guard detained President Mohamed Bazoum inside his palace in the capital Niamey. The palace and ministries next to it have been blocked off by military vehicles but there was calm elsewhere in Niamey. Rising costs of living and perceptions of gov't incompetence and corruption may have driven the guards’ move.

🔹Colonel-Major Amadou Abdramane 🇳🇪 (video), said the country’s borders were closed and a nationwide curfew was in place. All institutions of the country were also suspended. The US 🇺🇸 has called for an immediate release of Bazoum. There was also a thwarted coup attempt in Niger in March 2021, when a military unit tried to seize the presidential palace days before Bazoum who had just been elected, was due to be sworn in.

🔹Niger is the world’s seventh-largest producer of uranium in 2022. French headquartered Orano controls a majority share of uranium in Niger. Over 50% (in 2019) of the uranium ore extracted from Niger is used for fuelling French nuclear ☢️ power plants as a third of all uranium for France’s reactors comes from Niger. Last month, the EU announced a €66 million package for Niger. France 🇫🇷 has stationed 1,500 troops in the country after being booted out from Mali and Burkina Faso.

🔹In the Sahel region, Burkina Faso, Nigeria, Mali, Niger and Chad have been facing terrorism from Islamic insurgents (Boko Haram, ISIS, Al-Qaeda) for years despite the presence of 'Western security forces'. Recent moves by Mali and Burkina Faso 🇧🇫 to invite Russia's 🇷🇺Wagner Group to help fight has shown success resulting in escaped insurgents fleeing east into Niger. Mali had accused France of arming Islamist fighters & carrying out acts of espionage against the Malian 🇲🇱 gov't.

🔹The 2nd Russia-Africa Summit is taking place in St. Petersburg 🇷🇺 on July 27-28. Of the 49 African nations that sent delegations, 17 are represented by heads of state. The rest of African states' delegations were represented by their vice presidents, heads of gov't, head of parliament. deputy prime ministers, foreign ministers, or ambassadors.

🔹Africa has so far accounted for 3.7% of Russia’s foreign trade 🚢 in 2023, up from 2.3% last year, which represents an increase 📈of about 30%. Russian Minister of Economic Development M. Reshetnikov said growing trade between Russia and Africa will necessitate the use of national currencies, rubles, and the connection of African banks to Russia's SPFS. 🇷🇺 Energy Minister N. Shulginov is negotiating payments for energy supplies in rubles with African countries.

🔹Some of the highlights from the first day include:

🔸Russia and Zimbabwe 🇿🇼 signed an agreement to cooperate in maintaining international information security.
🔸The Russian and Burundian 🇧🇮 gov'ts signed an agreement on cooperation in the use of atomic energy for peaceful purposes.

🔸Russia and Algeria 🇩🇿 have agreed to extend the presence of Russian companies in gas production projects in Algeria.
🔸Press agencies of Algeria 🇩🇿, Namibia 🇳🇦, Zimbabwe 🇿🇼 and the Republic of Congo 🇨🇬 signed cooperation memorandums with Russia's TASS news agency.

🔸Russia will open a new production facility in a special economic zone of Egypt 🇪🇬 as a logistics hub.
🔸 Russia and African countries may develop joint standards for oil 🛢and gas equipment supplied from Russia to the region

🔹African delegations were informed of the details how none of Russia’s conditions under the Black Sea grain 🌾deal were fulfilled.

Day 2 of the Russia-Africa Summit in St. Petersburg. Highlights from the final day:

🔹Economy:

🔸 Russia 🇷🇺 will allocate more than $90 million for lowering the debt burden of African countries, as Moscow have thus far written off a total of $23 billion in African debt.
🔸 Russia and African countries are considering the possibility of concluding barter transactions in the energy sector. Meanwhile African central banks and the Bank of Russia focus on integrating payments using Russia's SPFS.

🔹Energy:

🔸 Rosatom and Ethiopia signed a roadmap for cooperation in the peaceful use of nuclear 🏭 energy. The BRICS Bank NDB is going to finance certain nuclear projects of Rosatom.
🔸 Russia and Mozambique 🇲🇿 signed an agreement on the construction of the Lurio-2 hydroelectric power station 💡 in that African country.
🔸 🇷🇺 Unigreen Energy intends to put into operation a 115 MW solar energy park 🔋 in South Africa in Q1 2024.

🔹 Trade / Humanitarian:

🔸 Six African countries affected by a food crisis will be sent 25,000-50,000 metric tons of grain 🌾 free of charge.
🔸 Russia and African countries agree with the necessity to implement reforms in the WTO ⚖️.
🔸 Russia and the Economic Community of Central African States signed a memorandum of cooperation in the economic and humanitarian spheres.

🔹 Foreign Policy:

🔸 Eritrean 🇪🇷 President Isaias Afwerki said the conflict in Ukraine is a war that the West has declared on Russia, for hegemony and dominance in the entire world.
🔸 President of the Union of the Comoros 🇰🇲, Azali Assoumani, who also heads the African Union is ready to host the next Russia-Africa summit.
🔸 Russia and the Intergovernmental Authority on Development in Eastern Africa signed a memorandum of cooperation in the area of security.

Video source - RT