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Central bank pledges financial push in Africa

Updated: 2012-07-14 07:57
By Wang Xiaotian ( China Daily)

China is to promote the yuan's use in settling trade and investment with Africa, and encourage the more active development of Chinese financial institutions across the continent, a senior central bank official said on Friday.

Li Dongrong, assistant governor of the People's Bank of China, said Africa has the capability of becoming a new hub of international capital flow, and the yuan's use there should be further improved in accordance with rising demand for the currency there.

"We will continue to encourage domestic financial institutions to increase their presence and business across the continent," Li told delegates at the Forum on China-Africa Financial Cooperation in Beijing, adding that the cooperation potential between the two sides is huge, as Africa's economy continues to take off.

Central bank pledges financial push in Africa

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