The Wall Street Journal reports: "China's President Xi Jinping on Friday pledged $60 billion in financing for development across Africa, aiming to reaffirm his country's commitment to the continent despite the economic turmoil caused by slowing growth of the world's second-largest economy...'These plans are aimed at addressing three issues holding back Africa's development,' Mr. Xi said to warm applause from the presidents and prime ministers of Africa's largest economies. 'Namely inadequate infrastructure…professional and skilled personnel, and funding.'"
Bloomberg News reports: "After a struggle of more than half a decade, China this week overcame doubts and objections to qualify for official reserve status for its currency, the yuan. Now, the real battle begins...With the IMF's decision on Nov. 30 to endorse the yuan for inclusion alongside the dollar, euro, pound and yen in the International Monetary Fund's global currency basket, known as Special Drawing Right, or SDR, the reformers in one sense realized their ambition. While meeting the IMF's 'freely usable' requirement, Chinese policy makers are still a long way from a 'freely convertible' currency."
The Diplomat discusses: "China's negotiating strategy at UN climate talks has evolved considerably in the past 20 years. Formerly defensive, the world's largest emitter and second-largest economy is increasingly cooperative in climate diplomacy as it becomes more accepting of its responsibility to cut emissions. China's status as a developing nation has become increasingly fluid as the country becomes richer and more closely engaged with the global financial system, although it still acts as a cheerleader for developing nations seeking concessions on climate finance and deep emissions cuts from rich countries."