LINE

Text:AAAPrint
Business

China to set up yuan clearing system in S. Africa

1
2015-07-08 10:02:26Xinhua Gu Liping ECNS App Download

China's central bank on Tuesday signed a memorandum of understanding (MOU) with its South African counterpart to set up a yuan clearing system in South Africa.

The MOU is for the purposes of clearing and settlement of yuan in South Africa, said the South African Reserve Bank (SARB).

"Both central banks agreed to coordinate and cooperate on the supervision, oversight and clearing of renminbi (Chinese currency) in South Africa and also to exchange information in order to facilitate the continuous improvement and development of bilateral trade," said Candice Jeffreys, Media Coordinator of the SARB.

The MOU marks another important milestone through joint efforts to build capabilities in South Africa's financial markets to better serve bilateral trade, investment and financial flows between China and South Africa, Jeffreys said.

China is now South Africa's largest export partner.

The move will expand the list of countries with direct access to trade in the Chinese currency.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.