This article studies the effect of exchange rate regimes on the dramatic growth of the trade between China and Sub-Saharan Africa. A real exchange rate augmented gravity model shows that the exports of China’s manufactured goods are stimulated by the real depreciation of the renminbi against many African currencies, while its imports of raw materials from Africa are not affected. Thus, the Chinese competition risks handicapping the development of the industry in the countries which meet a real appreciation of their currency against the renminbi, either because they peg it to the euro or because of the scale of their exports of raw materials, themselves stimulated by the Chinese demand.
