Standard Bank Offers Settlement in Chinese Currency
Standard Bank will offer clients the ability to make payments in renminbi (RMB) when importing goods from China and receiving RMB proceeds in their account when exporting to China.
Standard Bank clients may now open RMB accounts in South Africa for the purpose of settlement of RMB proceeds relating to import and export trades with enterprises in China in designated provinces and cities. The areas include Beijing, Tianjin, Inner Mongolia, Liaoning, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangdong, Guangxi, Hainan, Chongqing, Sichuan, Yunnan, Jilin, Heilongjiang, Tibet and Xinjiang.
Craig Bond, chief executive officer (CEO), Standard Bank in China, said: “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. The ability of Standard Bank customers to settle in RMB has been made possible through Standard Bank’s strategic alliance with the Industrial and Commercial Bank of China, and now enables Standard Bank clients to mitigate their exposure to the US dollar or other foreign currencies.”
In nominal terms, Africa’s trade with China has doubled every three years since 2000.