Kenya's CFC Stanbic Bank said on Wednesday that it will consider introducing Chinese yuan trading into its South Sudan's branch after its successful launch in Kenya.
CFC Stanbic Chief Executive Phillip Odera told a media briefing in Nairobi that it is experiencing a lot of demand for Chinese yuan from traders in South Sudan.
"South Sudanese business community who trade with China are forced to come to Kenya in order to access RMB, so we want to introduce it in our South Sudan branch," Odera said.
The availability of yuan will help boost China-Africa trade by reducing transaction cost of converting between currencies.
Odera said Chinese yuan currency is now available in all its branches in Kenya. He said that Kenya traders are now gearing up for the Christmas period by stocking up on Chinese products.
"We are therefore experiencing increased demand for the Chinese currency as traders travel to China to purchase goods for the festive season," he added.
Source : XINHUA
GMT 00:06 2017 Friday ,17 November
Few banks seen queuing for China’s red carpet inviteGMT 21:04 2017 Sunday ,30 July
Egypt selected as one of “model” developing countriesGMT 12:13 2017 Monday ,15 May
China-led AIIB approves seven new membersGMT 00:38 2017 Sunday ,30 April
'China bails out cash-strapped Pakistan with $1.2b loan'GMT 21:50 2017 Saturday ,22 April
QNB: "Global Growth May Be Picking Up in 2017 but Recovery Could Be Short "Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor