Kenya converts railway loan from China into yuan to save on interest

NAIROBI, Oct 7 (Reuters) - Kenya has completed converting a $5 billion railway loan from China from dollars into yuan currency in order to save on interest payments, its Finance Minister John Mbadi said on Tuesday.

The conversion, which allows the higher dollar-based interest rates on the two tranche of the loan to drop into their lower yuan-based counterpart, will save the country about $215 million a year, Mbadi told reporters.