日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

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: 香蕉视频在线观看免费 | 中文字幕在线日亚洲9 | 亚洲色图综合区 | 欧美成人一区二区三区片免费 | 毛片aaa| 国产黄色片网站 | 日本中文字幕有码 | 亚洲午夜精品一区二区三区他趣 | www黄色在线观看 | 在线免费黄色 | 久久久一级| 诱惑の诱惑筱田优在线播放 | jizzporn| 91偷拍精品一区二区三区 | 国产欧美精品区一区二区三区 | 欧美a网 | 日韩精品在线观看免费 | 久久精品久久久久 | 疯狂试爱三2浴室激情视频 超碰.com | 婷婷视频网 | 国产精成人品免费观看 | 青青操国产视频 | 好看的黄色网址 | 久久久久久久久久97 | 日本欧美在线视频 | 2019亚洲男人天堂 | a级片在线播放 | 中文字幕一区二区视频 | 国产精品888 | 91免费看的网站 | www天天操 | 欧美精品久久久久久久久久 | 在线网站你懂的 | 美日韩成人 | 国产精久久久 | 久久精品3 | 鲁大师2在线观看免费播放高清 | 美日韩视频 | 日韩欧美日本 | 国产三级精品在线观看 | 国产精品视频在线观看免费 |