RMB Has Gained 18 Countries In Africa For Trade Settlement.

< p > "you can buy < a href=" http://sjfzxm.com/news/index_cj.as "> RMB < /a >, you can buy up to 60% of your salary per month."

Bidvest bank teller in South Africa told our reporter that the advertisement to publicize the purchase of RMB was posted on the counter window.

The standard bank teller in South Africa gave the reporter the same answer.

As Chinese enterprises and individuals expand and infiltrate non investment from infrastructure and manufacturing to tourism, real estate, culture and creativity, RMB is gradually gaining popularity in Africa.

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< p > < strong > 18 countries for trade settlement < /strong > < /p >

< p > January 2010, the first a href= "http://sjfzxm.com/news/index_cj.as" cross-border trade < /a > occurred between China and South Africa.

According to the global bank financial telecommunication association data, as of January this year, the number of RMB settlement in China Africa trade reached 18, compared with 5 in 2010.

Although the volume of trade settled by RMB accounts for only 0.5% of China Africa trade volume in 2012, the latest report of Standard Chartered Bank predicts that by 2015, the trade volume of RMB between RMB and China will reach US $38 billion 500 million, accounting for 10% of China Africa total trade.

At present, the use of offshore renminbi in Africa is growing steadily.

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< p > > a href= "http://sjfzxm.com/news/index_cj.as >" Standard Bank of South Africa "/a > economist Shi Jie Wen told reporters that up to now, standard bank has launched RMB services in 16 African countries, including South Africa, Nigeria and Angola.

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< p > since the first African country to subscribe to "a href=" http://sjfzxm.com/news/index_c.asp "RMB" /a "as the foreign exchange reserve in 2011, the Central Bank of Tanzania and South Africa have invested their foreign exchange reserves in the Chinese RMB bond market to isolate the risks arising from the rise in US Treasury bond yields.

With the advancement of RMB internationalization, more and more African countries will use the renminbi as one of the foreign exchange reserve currencies to realize the diversification strategy of foreign exchange reserves.

Standard Chartered Bank Africa area financial business director general manager George told this reporter.

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The financing function of RMB P is not only reflected in the trade aspect, but also can be used as a financing currency for investment.

Liu Yagan, director general of ICBC Africa and standard bank group of South Africa, told our reporter.

He said that for Africa, an economy that still maintains a large trade deficit with China, this is of great practical significance and strong operability. With China's upgrading of its economy, Africa will share the fruits of China's industrial chain pfer through the growing financing function of RMB.

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< p > < strong > expected appreciation will hold RMB < /strong > /p >

< p > at present, the promotion of cross-border RMB settlement is still limited to the banking level. As a major step in the internationalization of RMB, the central bank's currency swap has not yet made breakthroughs between China and Africa. With the deepening of Sino African Economic and trade relations, currency swap between China and African countries will gradually be put on the agenda.

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In Shi Jiewen's view, with the release of the potential of Sino African Economic and trade cooperation, China's influence on the African continent has increased dramatically. The Sino African Cooperation Forum and the BRICs group have set up a high-level political dialogue framework for China Africa, creating an enabling environment for the RMB's internationalization in Africa. Thousands of Chinese companies and millions of Chinese are doing business in Africa, Africa welcomes Chinese investment; the internationalization of RMB in Africa helps China Africa trade reduce paction costs, promote better capital flow and improve commercial risk control. P

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George P also expressed the same view that the renminbi is being recognized in Africa.

In 2012, the total trade volume between China and Africa was close to US $200 billion. This is the solid foundation for RMB internationalization in Africa. China's sustained economic growth, the rapid development of Sino African Trade and the deepening of RMB products in Africa are the driving force for the rapid recognition of RMB in Africa.

African Importers will be the main users of the renminbi so that they can enhance their bargaining power with Chinese exporters.

Chinese exporters can reduce exchange rate risk and minimize paction costs.

As expected, < a href= "http://fz.sjfzxm.com/" > RMB appreciation > /a >, African exporters will gradually be willing to adopt RMB settlement.

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< p > < strong > entering Africa requires three conditions < /strong > < /p >.

< p > RMB cross-border trade settlement has not been fully popular in Africa. Chris, director of the China market relationship between Zambia investment bank and standard bank, told reporters.

Chris believes that most countries in China and Africa are in a state of trade deficit. The willingness of the African banking sector to use the renminbi is not very strong. Most of the renminbi is used in a single trade between China and African countries, and it can not flow in the African Economic Community, which inhibits the willingness of African countries to use RMB for trade settlement.

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< p > Liu Yagan believes that the development of RMB internationalization in Africa is very fast. However, policies need to be matched to offshore and offshore. There are 3 conditions for the RMB to enter Africa: customer base, distribution channels and management techniques.

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Qiu Zhikun, general manager of Johannesburg branch of Bank of China, told our reporter that the banks that serve Chinese enterprises are not many in Africa. The rapid development of RMB trade settlement requires more large banks to push forward < /p > P.