男女羞羞视频在线观看,国产精品黄色免费,麻豆91在线视频,美女被羞羞免费软件下载,国产的一级片,亚洲熟色妇,天天操夜夜摸,一区二区三区在线电影
USEUROPEAFRICAASIA 中文雙語Fran?ais
Home / World

Top bank in Africa boosting business in yuan

By Li Xiang | China Daily | Updated: 2011-09-02 07:59

BEIJING - Standard Bank Group, Africa's largest bank by assets, is boosting its yuan business in a move to capitalize on the growing trade between China and Africa and the rising influence of the Chinese currency on the continent, the bank's senior executive said on Thursday.

Standard Bank has launched services for trade settlement in yuan in 16 African countries, including South Africa, Nigeria, and Angola, and the business turnover reached 500 million yuan ($78 million) over the past six months, according to the bank.

"We are exploring ways to introduce yuan to African companies as a trade settlement currency and how we can persuade African governments to use yuan as a reserve currency," said Craig Bond, chief executive officer of Standard Bank China.

The bank estimated that at least 40 percent, or $100 billion, of China's trade with Africa will be settled in yuan by 2015, which equals the total trade volume between the two in 2010.

In addition, the bank said, at least $10 billion of Chinese investment in Africa will be denominated in yuan over the same period.

Bond said the main benefits of trade settlement in yuan will be the cheaper funding and lower transaction cost for both African and Chinese firms, as the Chinese government continues to ramp up efforts to raise the global profile of the yuan.

The bank is in talks with some African governments that plan to diversify their foreign exchange reserves away from the US dollar.

"We've seen very positive reactions from many African governments toward taking the yuan as a reserve currency," Bond said.

It is likely that rich African governments, such as South Africa and Nigeria, that have large dollar reserves, will hold yuan as part of their foreign exchange reserves by the end of the year, he said.

Although the internationalization of the yuan is a long-term endeavor, the process will be much quicker in Africa because China's commercial leverage there has risen sharply, said Jeremy Stevens, an economist at Standard Bank.

The bank estimated that about 1,500 Chinese firms are operating in the 17 African countries where it has branches. "There are as many as one million Chinese people in Africa. Firms will want to grow their business in Africa, open yuan accounts and use yuan products," Stevens said.

In July, the bank began to provide yuan notes to clients in South Africa, Ghana and Zimbabwe. It also launched yuan-denominated financial products through the offshore yuan market in Hong Kong in August to meet the clients' increasing need for hedging, funding, and wealth management purposes.

The bank said it plans to hire more Chinese employees and will continue to deepen the strategic cooperation with Industrial and Commercial Bank of China, the largest shareholder of the African bank, with a 20.1 percent stake, to gain more clients.

China Daily

(China Daily 09/02/2011 page15)

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 宣武区| 福鼎市| 扎赉特旗| 互助| 衡水市| 林西县| 深水埗区| 全州县| 西充县| 光山县| 闽清县| 石家庄市| 奉节县| 申扎县| 峡江县| 乐安县| 申扎县| 微山县| 庄浪县| 郸城县| 句容市| 庆安县| 阿城市| 连州市| 巴林左旗| 龙山县| 曲阜市| 页游| 会同县| 乐昌市| 沭阳县| 友谊县| 平阳县| 安阳市| 含山县| 巴里| 红安县| 通江县| 温州市| 万年县| 夹江县| 弥渡县| 修文县| 通州市| 前郭尔| 滦南县| 雷波县| 绩溪县| 文登市| 聂拉木县| 西藏| 昌邑市| 绍兴县| 古交市| 宜宾县| 昌平区| 隆子县| 天水市| 卓资县| 额济纳旗| 唐山市| 施甸县| 安福县| 建德市| 修水县| 叙永县| 鹤山市| 武宣县| 凤翔县| 佛学| 永修县| 砚山县| 鄂州市| 六安市| 德安县| 准格尔旗| 宁晋县| 沅陵县| 鸡西市| 敖汉旗| 桦川县| 弥勒县|