Xinhua Headlines: RMB use expands in Africa amid growing financial connectivity and trade

RMB Use Expands in Africa Amid Growing Financial Connectivity and Trade

China's currency, the renminbi (RMB), is playing a bigger role in Africa as trade with the continent flourishes. From the launch of direct RMB settlement services in Tanzania to expanded connectivity with the Cross-Border Interbank Payment System (CIPS) in Kenya and Namibia, as well as the establishment of RMB clearing arrangements for Africa, such recent developments highlight the growing role of the Chinese currency in cross-border transaction…

RMB use expands in Africa amid growing financial connectivity, trade

  NAIROBI | Xinhua |  China’s currency, the renminbi (RMB), is playing a bigger role in Africa as trade with the continent flourishes. From the launch of direct RMB settlement services in Tanzania to expanded connectivity with the Cross-Border Interbank Payment System (CIPS) in Kenya and Namibia, as well as the establishment of RMB clearing … The post RMB use expands in Africa amid growing financial connectivity, trade appeared first on The Inde…

Xinhua Headlines: RMB use expands in Africa amid growing financial connectivity and trade

* As China-Africa trade continues to expand, the RMB is being used not only for trade settlement, but increasingly for payment and clearing and, more recently, for...