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CfC Stanbic bank unveils Yuan currency to boost Kenya-China trade

by: Category: Banking & Finance, Energy, Featured A+ / A-
 
By Steve Umidha
 
CfC Stanbic bank has activated the use of Chinese currency, Yuan at its branches in a move expected to boost trade relations between Kenya and China.
 
The first transaction was made yesterday by the Chinese Ambassador to Kenya Liu Xianfa.
 
Speaking during the official launch at the bank’s HQs in Nairobi, CfC Stanbic bank Chief executive Philip Odera said the convenience of Yuan currency at the lender’s branches will enhance business operations for Chinese enterprises as well as ease access to funds for Chinese tourists visiting Kenya.
 
“The levels of Chinese investments in Kenya continue to rise and there is need to facilitate cross-border business between the two countries with a unique foreign currency proposition,” he said.
 
CfC is the first bank in the country to employ the use of Yuan currency as a mode of transaction.
 
The bank further said it was targeting Chinese investors and Kenyans with business interests in the Asian nation at a time when China continues to be a major destination for a range of African exports and significant source of a wide range of manufactured goods imported by many African countries.
 
Chinese banking with CfC Stanbic Bank will have a dedicated Chinese Desk, Chinese Yuan account, specific current account charge for Chinese companies, credit limit lines for Chinese companies as well as an easier and more efficient counter-guarantee issuance process.
 
China was Kenya’s number one trading partner in 2014 and 2015 – even though the total imports to Kenya dropped globally between 2014 and 2015, the imports from China increased 21 per cent.
 
 

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Business Journalist since 2009, has worked for Financial Post, Standard Media Group, Business Journal and People Daily.

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