Designers showcase latest collections at Swahili Fashion Week

Over 40 designers showcased their talent at the Swahili Fashion Week, one of Africa's largest annual fashion events, in Tanzania's commercial capital of Dar es Salaam, from December 6 to 8.

For 17 years, the Swahili Fashion Week has been a showcase for emerging and established designers in the East Africa region, attracting talent from across Africa and beyond.

"From outside Africa we have South Korea, we have Italy, and then we have a country which is out of Africa technically but in Africa, which is Mayotte, which is part of France, but then you have of course Kenya, Uganda, and of course Tanzania. And we have a designer for the first time from the Caribbean," said Mustafa Hassanali, founder of the Swahili Fashion Week.

Hassanali emphasized Tanzania's significant role in the global fashion industry

"There were challenges, there are challenges, and there will always be challenges. Fashion is business for us, period. As Tanzania, the United Republic of Tanzania, we are 61 million people. So, I told the designers: what is the market share you have? Tanzania is strategically placed. Before you go abroad, we are an emerging market, have you covered that?" he said.

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 30 pips to 6.8288 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.