Memo inked on clearing yuan in SA
Print Edition
THE People’s Bank of China, the central bank, has signed a memorandum of cooperation with the South African central bank to establish yuan clearing business in South Africa.
The PBOC said yesterday that it had signed the memo in South Africa and will later designate a bank to conduct yuan clearing there.
It did not specify when.
China hopes the arrangement will facilitate cross-border trade and investment between the two nation’s companies and financial institutions using the yuan.
This will be the first yuan clearing arrangement in Africa.
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