Business / Markets

Kenyan bank mulls introduction of Chinese yuan trading into S Sudan

(Xinhua) Updated: 2016-09-01 11:03

NAIROBI - Kenya's CFC Stanbic Bank said on Wednesday that it will consider introducing Chinese yuan trading into its South Sudan's branch after its successful launch in Kenya.

CFC Stanbic Chief Executive Phillip Odera told a media briefing in Nairobi that it is experiencing a lot of demand for Chinese yuan from traders in South Sudan.

"South Sudanese business community who trade with China are forced to come to Kenya in order to access renminbi, so we want to introduce it in our South Sudan branch," Odera said.

The availability of yuan will help boost China-Africa trade by reducing transaction cost of converting between currencies.

Odera said Chinese yuan currency is now available in all its branches in Kenya. He said that Kenya traders are now gearing up for the Christmas period by stocking up on Chinese products.

"We are therefore experiencing increased demand for the Chinese currency as traders travel to China to purchase goods for the festive season," he added.

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