BOC clears yuan in SA
Print Edition
CHINA’S central bank yesterday authorized the Bank of China to serve as the clearing bank for yuan business in South Africa.
Yuan clearing business will be conducted by the Johannesburg branch of BOC, the country’s third-largest commercial bank by market value, according to a statement from the People’s Bank of China.
The PBOC made the decision in accordance with a memorandum of understanding it signed on Tuesday with its South African counterpart to set up a yuan clearing system in the country.
Both central banks agreed to cooperate on the supervision and clearing of yuan business in South Africa and to exchange information to improve bilateral trade.
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