The small steps towards yuan convertibility continue this week with Standard Bank’s move to offer settlement in the Chinese currency.
Standard Bank clients may now open renminbi accounts in South Africa for settlement of import and export trades with enterprises in China in designated provinces and cities.
Craig Bond, chief executive of Standard Bank in China, says: “Clearly, trade with China and Africa has seen massive growth in the last decade, and Standard Bank – with its African roots – is uniquely placed to assist in the two-way trade flows between China and Africa.
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